Close
In the April to June quarter, retailers leased one million square feet of new space throughout malls and high streets of significant cities, according to the market monitor report for the quarter from international real estate consultant CBRE. This leasing is anticipated to be at its highest level since 2018. Retail leasing has increased by around 363% annually and by approximately 118% quarterly, and is anticipated to double in the second half of 2022 as more multinational companies announce their debut into India.
While the share of fashion and clothing leasing decreased dramatically to 28% from 41% in the previous quarter, the share of department shops, superstores, and entertainment has climbed. “Transaction activity in the retail sector increased by 4% in the second quarter of 2022,”
This surge, according to experts, was brought on by pent-up demand, which revived physical retail visits even as internet buying performed well.
In an effort to make up for the delay in the opening of new outlets caused by Covid-19 restrictions and take advantage of lower rentals, top listed retailers and quick-service restaurant chains opened more than 3,000 doors, or roughly nine new stores every day, on average, during 2021–22, doubling the expansion rate from a year earlier. Data derived from the top nine firms’ most recent investor presentations show that over the previous fiscal year, Reliance Retail, Aditya Birla Fashion and Retail, DMart, Tata’s Trent, and Starbucks added 3,206 outlets to reach a combined store network of 22,803 locations.
