Retail leasing picks up in Delhi-NCR as Apple, Pret A Manger open stores
New Delhi: The national capital and the adjoining region (Delhi-NCR) reported a 65% year-on-year increase in retail leasing across investment-grade malls, high streets and stand-alone developments in the first six months of calendar year 2023, real estate consulting firm CBRE South Asia said in a report released Thursday. The city recorded a retail supply of 0.22 million square feet (msf) between January and June, while total leasing during the period stood at 0.70msf compared to 0.42msf a year ago. Fashion and apparel retailers led retail leasing activity in the region with a share of 47%, followed by luxury at 13%, and food and beverage.
Meanwhile, on a pan-India basis, retail leasing grew 24% year-on-year during the period. Total leasing during the January to June period stood at 2.90msf compared to 2.31msf a year ago. Bangalore, Delhi-NCR, and Ahmedabad collectively accounted for 65% of the leasing activity during the first six months the year.
The period also recorded a 148% increase in supply. “Further, boosted by the increased appetite of shoppers, the top eight cities saw an 8% growth in mall completions on a half-yearly basis. Ahmedabad led the growth in supply addition with a 73% share, followed by Delhi-NCR at 20%," CBRE said in its report.
The sector also saw large international brands debut their India stores: Apple launched its first two stores in Mumbai and Delhi-NCR; UK based coffee and sandwich chain Pret A Manger also opened stores in Mumbai and Delhi-NCR. Canadian coffee brand Tim Hortons which debuted in India last year, expanded in Delhi-NCR and Punjab and entered the Mumbai market this year. European luxury brand Balenciaga is set to open its first brick-and-mortar store in Delhi-NCR through its
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