India’s retail sector on the cusp of huge growth – Here’s why
financialexpress.comIndia’s retail sector is witnessing a significant surge, and is expected to grow by 50% to 134 million sq ft by the end of 2028 from 89 million sq ft at present, according to a report by JLL. Close to 88 new retail developments with a cumulative area of around 45 million sq ft are expected to come on stream in the seven cities — Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Pune, Kolkata, and Chennai – over the next 5 years.
Commenting on this, Sandeep Chillar, Founder & Chairman of Landmark Group, said, “The retail sector is witnessing strong growth driven by increased urbanization and consumer demand which is driving the need for organised and high-quality retail spaces. As consumers seek unique shopping experiences that combine convenience, entertainment, and community, retail space developers are constantly working on creating the best and most enhanced projects to meet these demands. The findings of the report show the indicative 50% increase in new retail supply in the next five years which is perfectly aligned with the growth trend across cities.”
He further added, “With developers’ focus on creating integrated shopping destinations that cater to evolving consumer preferences, Delhi-NCR has been witnessing a healthy surge in new retail supply for the last couple of years. Driven by a blend of innovation in retail concepts and strategic location, Gurugram is likely to remain the prime retail hub in NCR.”
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The report highlights that out of the 88 upcoming retail developments in the next five years, there will be 12 large-sized projects encompassing area of at least 1 million sq. ft each. These projects will contribute a substantial portion,
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