Retail leasing reached a 5-year high during JanJune 2024, taking 3.1 mn. sq. ft. across eight cities compared to last 5-year H1 period, as per the report findings announced by CBRE. On an annual basis, retail leasing witnessed a growth of 7% Y-o-Y in H1 2024 to touch 3.1 mn. sq. ft, compared to 2.9 mn. sq. ft. in Hi 2023. The report, 'India Retail Figures H1 2024' highlights real estate growth, trends, and dynamics across the retail sector in India.
In H1 2024, the absorption was led by Bengaluru, followed by Chennai and Delhi-NCR, accounting for nearly 59% of the total leasing. In the coming quarters, the influx of investment-grade mall supply will influence primary leasing trends, while leading malls across key cities will continue to witness strong demand for secondary spaces.
Strong demand for fashion & apparel products continued in H1 2024, primarily led by midrange, value fashion and athleisure brands, resulting in a ~39% share by fashion & apparel retailers during H1 2024. The entertainment sector (~13%) and Homeware and Department Store (~11%) were the other categories that drove leasing during the review period.
India continues to experience positive retail growth, attracting foreign retailers to establish a presence in key locations. Charles Tyrwhitt, a men's luxury fashion brand from the United Kingdom, opened its first store in Ahmedabad.
Additionally, Maison Margiela, a French luxury fashion brand, and Franck Provost, a French beauty and wellness brand, entered the Indian market by opening its first stores in Mumbai and Bengaluru, respectively. Other noteworthy expansions include the opening of stores by international brands, such as the Swiss luxury watch brand Breitling and the American luxury fashion brand Michael Kors in Chennai and Pune, respectively. In addition, the Japanese homeware brand Daiso Japan and the skincare and cosmetics brand ILEM Japan also opened stores in Chennai.
Esta historia es de la edición August 2024 de Images Retail.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición August 2024 de Images Retail.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
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
What Innovation Means for Different Leaders
A look at how representatives of different retail categories define innovation and how they approach and implement it in their businesses.
Elevating Experience Through Omnichannel Retail Strategies
Here's how retailers are blending online and offline to offer seamless and personalised customer experience.
How to Improve Customer Engagement with Generative AI
Ways in which retail businesses can embrace generative AI to create hyper-personalised, seamless conversations to secure a lasting competitive edge in the marketplace.
'Customers Do Not See Shoppers Stop.com as Just Another e-commerce Site'
Sreekanth Chetlur, Chief e-commerce Officer, Shoppers Stop speaks about the three-decadeold physical-first department store chain's e-commerce journey, goals and strategies
