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.
Denne historien er fra April 2024-utgaven av Images Retail.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra April 2024-utgaven av Images Retail.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Building the Midmanagement is Critical in a Scaling Organisation
Nirav Jagad, Chief People Officer of Sugar Cosmetics speaks about ensuring the right! opportunities for the right talent in a complex omnichannel organisation that is on a fast track to growth
Uppercase Upping the Ante
Travel gear brand Uppercase is upgrading the standard of luggage in India through innovative approach and prodcuts and sustainable practices
The Strategy is to Go City by City and Saturate Each
Gerard McGurk, Head of Retail and Commercial Operations at Index Living Mall and Mahesh M, CEO, Creaticity speak about Thailand's numero uno furniture brand's strengths, its India entry and strategy
Design and Experience Differentiate Indriya from Competitors
Sandeep Kohli, CEO of Aditya Birla Jewellery’s Indriya about the brand’s strengths, strategies and aspirations
At Good Glamm, AI Chatbots Have Slashed Workload by 70-80%
Deep Ganatra, Chief Product & Technology Officer (CPTO), The Good Glamm Group sheds light on the role of technology in the beauty and wellness industry and its impact on personalisation
How Blinkit, Swiggy Instamart, Zepto and Others are Redefining Shopping
A quick snapshot of India’s quick commerce landscape highlighting key players, challenges and opportunities
Electronics and Q-commerce: A Marriage of Convenience
Why more and more electronics and gadget brands are taking to q-commerce
5 ways D2C Brands Can Leverage the Power of Technology
The direct-to-consumer (D2C) market in India is at an exciting juncture, with brands redefining how they operate, innovate, and engage with consumers. But what does the future look like for these brands as they adopt technology?
The Business of Offering Immersive Experiences
Shopping centers are using immersive experiences to attract more shoppers and boost business
5 ways D2C Brands Can Maintain the Growth Momentum
D2C brands should embrace a customer-first mindset, leverage technology, and know when to expand offline to keep the growth momentum going
