Indian retail grows by 169% in January to March quarter: JLL India
Retailers leased 3.1 million square feet of space in malls and high streets across the top seven cities during the January to March quarter this year, while 2 million square feet of new retail space was added. Gross leasing activity also rose by 9% quarter-on-quarter during the three months, Apparel Resources India reported.
Apparel and fashion continued to dominate leasing demand, with both fast fashion and contemporary brands expanding their brick-and-mortar presence. Samantak Das, chief economist and head of research and REIS, India, JLL, said brands that catered to fast fashion and contemporary styles dominated the space take-up as both new and established players in the Indian retail scene quickly increased their brick and mortar footprint to meet the needs of the younger demographic.
While demand across cities remained steady, the report noted that new retail space additions hit a record high. Bengaluru and Hyderabad accounted for 60% of total leasing activity, particularly in suburban micro-markets where demand from fashion, food and beverage, grocery, and daily needs retailers drove the need for larger stores. Domestic retailers accounted for 86% of space take-up, while eight international brands launched their first Indian stores during the quarter.
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