
Summary:
Retail leasing in India reached 6.4 million square feet in 2024 across the top eight cities, driven by retailer confidence, particularly in the second half of fiscal year 24. Fashion and apparel, including mid-range and athleisure, accounted for 37% of leased space. The direct-to-consumer industry grew by 7%, with fashion leading the way. Bengaluru, Hyderabad, and Delhi-NCR made up 58% of the leasing activity. The year's retail supply totaled 1.2 million square feet, with more expected in 2025.
India's retail industry is set for significant growth in 2025, driven by a strong leasing pipeline and sustained demand from the fashion, athleisure, and jewellery sectors. Retail leasing is expected to add 5-6 million square feet of Grade A mall space in cities like Delhi-NCR, Bengaluru, Hyderabad, and Mumbai. Retail spaces are evolving into destinations offering shopping, dining, and entertainment, with global brands like Carrefour and Maison Margiela boosting market demand.
Source: IBEF
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