Consumer confidence, brand expansion fuelling retail growth in India

financialexpress.com:

Retail space leasing is currently experiencing a notable surge driven by positive sentiments and promising trends. With a robust supply pipeline, influx of international brands in various categories, and the upcoming festive season, the retail sector seems buoyant. Besides, the resurgence of consumer sentiment, an increase in consumption appetite, and the widespread adoption of omnichannel strategies by retailers are likely to further propel the growth graph.

In its latest report ‘India Market Monitor Q2 2023’, CBRE has revealed a substantial increase in the leasing of retail properties in India during the first half of 2023. Compared to the same period in the previous year, there was a 24 percent surge in leasing activity, with a total of 2.87 million sq ft being leased from January to June. Delhi-NCR, Bangalore, and Ahmedabad accounted for 65 percent of the activity. In the quarter ending on June 30, a total of 1.3 million sq ft was leased. Delhi-NCR and Bangalore collectively represented 59 percent of retail space leasing. During this period, Delhi-NCR had a significant 24 percent share in overall leasing.

Commenting on the same, Abhishek Trehan, Executive Director, Trehan Iris, said, “Demand for Grade A retail space is booming across cities, driving exceptional leasing activity. It is no wonder that India remains a top choice for global brands. Increased institutional participation, and strategic synergies between retailers and governments’ supportive policies are creating a highly conducive business environment.”

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A report from JLL India projects a substantial increase in new retail space supply for India. The report estimates that the retail