4.7 mn sq ft of Grade A retail space set to enter Gurgaon in 5 years: Report

financialexpress.com:

Over the next 5 years, 4.7 million sq ft of space is set to enter Gurgaon’s retail market, as per the latest research report by 360 Realtors. Around 53.2% of the new space will be concentrated on the Golf Course Extension Road, especially in Sec 65 and 66. Besides, there is a growing spotlight on the Dwarka Expressway and New Gurgaon region as well, as per the report. The new retail space will comprise traditional mall-style development alongside new-age mixed real estate, SCOs, etc.

Gurgaon is one of the fastest-growing retail markets in India backed by an expansive commercial sector, proliferating residential neighborhoods, and growth in malls & high street culture. It is also called the mall capital of India with close to 90 operational malls. No other city in India comes close. In the past 10 years, around 47 new falls have entered Gurgaon.

The city also has around 100+ supermarkets and hypermarkets and around 5000 F&B units, which include numerous gastropubs, fine dining restaurants, cafes, etc. Traditionally households in Gurgaon love to go out and spend on food, fashion, consumer durables, and other items, thereby helping the retail sector thrive.

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“Though the retail industry suffered setbacks during the pandemic, market sentiments soon reached normalcy. The footfall has not recovered but has now crossed the pre-pandemic levels, with a buying spree visible in malls and high streets of Gurgaon,” said Ankit Kansal, MD, 360 Realtors.

“Mall operators and retailers are also keeping track of the pulse of the market and accordingly strengthening the supply sides. There is a growing pivot to new-age concept retail with an increased focus