Luxury brands leased 0.3 mn. sq. ft. of space in the high street store formats, registering over 100% Y-o-Y increase, while leasing in luxury stores in shopping malls stood at 0.24 mn. sq. ft., at over 300% Y-0-Y increase in 2023, announced real estate consulting firm CBRE South Asia Pvt. Ltd. and PHD Chamber of Commerce and Industry in a joint report.
Titled "The Ascent of Indian 'Luxe RE"," the report highlights luxury retail leasing patterns across various retail formats from 2022 to 2023. In 2023, stores across high streets, typically open marketplaces in a prominent area with a strong retail presence, remained the top choice for luxury brands in India's top eight cities. Leasing in standalone stores by luxury brands stood at 0.1 mn. sq. ft. during the year, at over 200% Y-o-Y increase.
Overall Growth Across Industry
The overall leasing by luxury brands across the formats stood at 0.6 mn. sq. ft. in 2023, at almost 170% Y-0-Y growth. While high streets constituted a 45% share in the overall luxury retail leasing in 2023, luxury brands' stores in malls followed at 40% and standalone stores accounted for the remaining 15%. CBRE understands that this surge in leasing has been accompanied by the entry and expansion of various international luxury fashion, watch and jewellery brands across different locations.
The eight cities tracked for leasing include Delhi-NCR, Mumbai, Bangalore, Kolkata, Pune, Ahmedabad, Chennai, and Hyderabad.
While several luxury brands are present in the prominent malls and high streets in India, there are specific malls and high streets that cater exclusively to the discerning luxury clientele. These select destinations are carefully curated to offer a unique luxury retail experience, featuring a concentrated collection of high-end brands, and providing an environment that aligns with the expectations and preferences of luxury shoppers.
Diese Geschichte stammt aus der April 2024-Ausgabe von Images Retail.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der April 2024-Ausgabe von Images Retail.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Our Malls Should Reflect the Customer of Today
Twenty four years old Sanya Runwal, Director - Retail, Runwal, speaks about the guiding principles behind the group's retail transformation, future developments and her vision for brand Runwal as the next generation leader
D2C Brands Flag Bearers of India's Growing Digital Economy
Bypassing the intermediaries and traditional distribution channels, and leveraging digital platforms and cutting-edge technologies to service consumers directly, D2C brands have emerged as a disruptive force on the Indian retail landscape
From Sleeplessness to Success
The dream journey of The Sleep Company from being a D2C startup founded to help Indians sleep better to crossing 100 stores and ₹500 crore ARR under five years to become one of the fastest growing D2C-first brands
REDEFINING FASHION RETAIL WITH EXPANSION, DIGITAL INNOVATION, AND SUSTAINABLE GROWTH
CnM Chunmun, a name synonymous with fashion and lifestyle retail in North India, is embarking on an exciting new chapter in its impressive 40-year journey.
Retail Sector Records Strongest Hi Leasing in 5 years: CBRE
Leasing in Bengaluru, Chennai, and Delhi-NCR accounted for 59% share during Jan-June 2024.
Lulu Mall Bengaluru Welcomes 5 New Brands
Lulu Mall, Bengaluru, operated by the multinational developer Lulu Group, has expanded its portfolio by welcoming five new retail brands, the company wrote on social media.
Gujarat gets its First IMAX at Palladium Ahmedabad
Mumbai-based PVR Cinemas opened a new theatre at Palladium Ahmedabad, a social media post by a company official.
Budget 2024-2025: What's in it for Retail?
An overview of all the retail ecosystem-related measures in the Budget 2024-2025 revealed by Finance Minister Nirmala Sitharaman in her 7th budget speech.
Identity As a Service (IDAAS) Simplified
An explainer on Identity and Access Management-As-A-Service (IDaaS) in the context of retail.
6 Ways in Which D2C Brands are Redefining Physical Stores
From quirky fixtures to restageable elements, D2C brands do it differently when they open brick-and-mortar stores
