India's retail sector is undergoing a massive transformation with the upcoming launch of several mega-malls across the country. These malls are more than just shopping destinations; they are architechtural marvels boasting entertainment zones, leisure facilities, and community spaces, creating a whole new experience for urban dwellers.
Growth of mega-malls
Several factors are working as catalyst for the growth of mega malls across cities. One major reason is India's burgeoning urban population with rising disposable incomes seeking a one-stop destination for shopping, entertainment, and socializing. As cities expand, there's a need for integrated developments that cater to various needs within a single location. And mega-malls cater to this evolving demand.
Moreover, Indian consumers are increasingly drawn towards experiences alongside shopping. Mega-malls offer a holistic experience with entertainment zones, gaming facilities, and diverse dining options. Also, malls present lucrative investment opportunities for real estate developers. The potential for high footfalls and rental income attracts significant investments in these projects.
Table: Top mega malls to watch out for by 2025

Impact of mega-malls
These upcoming malls are expected to have a significant impact on Indian cities.
Economic boost: Malls will create job opportunities, attract tourists, and generate revenue, bolstering local economies.
Enhanced shopping experience: Consumers will have access to a wider range of brands and a more enjoyable shopping experience.
Community hubs: Malls can evolve into social centers, fostering community interaction and offering leisure options.
Retail transformation: The focus on experience-driven shopping will redefine the retail landscape, benefiting both consumers and brands.
The arrival of these mega-malls will give a huge boost to Indian retail space as these are more than just shopping destinations; they are lifestyle centers that promise to redefine the way people shop, relax, and socialize in India. As these projects take shape, they will transform the retail landscape and solidify the country's position as a major global consumer market.

Driven by increasing demand, rising online sales and ongoing expansion of brick-and-mortar stores, apparel brand Cantabil Retail is set to more than double its topline growth rate this fiscal year, notes Deepak Bansal, Director.

Having added 86 new stores in fiscal 2023-24, the New Delhi-based retailer plans to open another 80-90 stores this fiscal year. These stores will be added in the ratio of 1:3 between Tier I and Tier II/III cities across India.

The company expects business to grow by 25 per cent this year, says Bansal. He attributes this to sales growth at existing stores, increased online transactions, and the addition of new outlets.

A manufacturer of a part of its product line in-house, Cantabil Retail aims to enhance its production capacity by 25 per cent. Additionally, the brand plans to strengthen its workforce by 800 employees.

In FY 2023-24, the company recorded a 12 per cent Y-o-Y growth in its revenue to Rs 616 crore. However, its bottom line took a 7.4 per cent hit, falling to Rs 62 crore from Rs 67 crore in the previous year, due to subdued demand.

Currently, the apparel segment accounts for 95 per cent of Cantabil’s total revenue, with accessories contributing the remaining 5 per cent. With the company having expanded its accessories segment including footwear, activewear, and luggage items last year, Bansal expects performance to improve in these areas in FY25.

Mumbai-based apparel brand House of Masaba launched its inaugural store in Chandigarh in a glamorous event hosted by digital creators Meera Bachan and Suhani Bachan, along with other prominent influencers from Chandigarh, adding to the excitement and buzz.
Covering 2,451 sq ft, the expansive store is strategically located on Madhya Marg in Sector 7, a prime area in Chandigarh. Promising an exquisite shopping experience, the new store offers the brand’s new Festive and Pret collections, along with an impressive array of cosmetics and beauty products from LoveChild by Masaba. The thoughtfully curated collections cater to the diverse tastes and preferences of the modern Indian consumer.
The Chandigarh store marks another milestone in House of Masaba's journey of growth and expansion. The brand now boasts a total of 15 stores across India, including four in Delhi, four in Mumbai, two in Bengaluru, and one each in Ahmedabad, Hyderabad, Gurugram, Kolkata, and Ludhiana. Each store is a testament to the brand's commitment to quality, style, and customer satisfaction.
House of Masaba's presence extends beyond physical stores, with a strong international presence through its online platform.

The National Capital Region (NCR) retail sector is experiencing a significant resurgence. While malls currently hold the edge in terms of growth, with a significant 65 per cent year-on-year increase in retail leasing activity compared to the first half of 2023. However, high streets are not to be outdone. There is a growing preference for high-street shopping, particularly among younger demographics, says a new Knight Frank India study ‘Think India Think Retail 2024’.
This trend is driven by several factors. One major catalyst is rising consumption, a growing and aspirational consumer base in NCR is driving demand for retail spaces. The NCR has seen expansion of retailers, both domestic and international brands, are keen to tap into the vast market potential, leading to increased leasing activity. Also, malls are evolving beyond just shopping destinations, offering entertainment, dining, and leisure options to create a holistic experience for consumers.
What makes high streets attractive?
However, high streets are not to be outdone. The report indicates a growing preference for high-street shopping, particularly among younger demographics. This trend is driven by convenience as high streets offer a more accessible and walkable shopping experience. They often house local boutiques and independent brands, providing a curated and differentiated shopping experience. Also, rents on high streets are generally lower than in malls, making them attractive to smaller retailers and budget-conscious consumers.
The report identifies Gurgaon, Noida, and Delhi as the leading retail markets within NCR. Each area caters to a slightly different segment. Gurgaon is known for its affluent population and corporate workforce, Gurgaon boasts high-end malls and designer boutiques. Noida is a rapidly developing area that offers a mix of established malls and upcoming high-street markets. Delhi, the capital city offers a diverse retail landscape, encompassing traditional markets, high-street shopping areas, and prominent malls.
NCR's specific retail behaviour
Malls currently hold a larger share of the retail space compared to high streets in NCR. The report suggests a 60/40 split in terms of retail space occupancy, with malls holding a larger share. However, the high street segment is expected to grow at a faster pace in the coming years. This can be attributed to the presence of established anchor stores, wider brand variety, and a controlled environment. High streets are gaining traction due to lower rentals, a more community-oriented feel, and the flexibility to cater to niche markets. NCR consumers exhibit a distinct retail behavior pattern.
Brand consciousness: There's a strong emphasis on established brands, both domestic and international.
Value for money: While brand conscious, NCR consumers are also price-sensitive and seek value for their purchases.
Digital influence: Online shopping and social media play a significant role in influencing buying decisions.
Fashion and apparel account for the largest share of retail space in NCR, both in malls and on high streets. Malls tend to house established fashion brands and larger stores, while high streets offer a wider variety of smaller boutiques and budget-friendly options. The growing disposable income and brand consciousness among NCR's population continue to fuel the growth of the fashion retail sector.
This report gives a positive picture of the NCR retail landscape, with both malls and high streets poised for continued growth. As consumer preferences evolve and the retail landscape adapts, NCR is likely to remain a major retail hub in India.

India's retail sector, once basking in the afterglow of revenge spending, is experiencing a slowdown. The initial surge in purchases across categories, from clothing to automobiles, seems to be fading as consumer sentiment weakens.
A Retailers Association of India (RAI) survey of top 100 retailers revealed, the previous fiscal year (FY24) saw a significant decline in year-on-year retail sales growth across segments. The previous fiscal's comparatively slower growth rate of 4-7 per cent has continued into the current fiscal year (FY25), with April showing only a 4 per cent rise.
Global giants like Zara and Starbucks reported their slowest ever sales growth in India during FY24 (excluding the pandemic year). Vedant Fashions, owner of Manyavar, a leading men's ethnicwear brand, has witnessed five consecutive quarters of weak wedding season sales for the first time.
Reasons for the slowdown
RAI's CEO, Kumar Rajagopalan, attributes the slowdown to a combination of factors. He highlights the increased use of EMI (equated monthly instalments) for big-ticket items like electronics and cars by nearly 70 per cent consumers, particularly the middle class, compared to 40 per cent pre-pandemic. This has impacted disposable income and discretionary spending. The initial post-pandemic surge in spending, fuelled by pent-up demand, has subsided. Consumers upgraded wardrobes and frequented restaurants as restrictions eased, leading to high growth rates of 13-24 per cent in FY23. However, this momentum is not sustainable. Meanwhile, direct-to-consumer (D2C) brands on social media platforms are taking away market share from established players, particularly in the fashion segment.
Devarajan Iyer, CEO of Lifestyle International, India's largest departmental store chain attributes the slowdown to cautious consumer spending, particularly in Tier II cities, where disposable income is a bigger concern. He anticipates this trend to persist for at least the next few quarters.
Experts predict a potential recovery in the next two to three quarters. As Dalip Sehgal, CEO, Nexus Select opines, while fashion brands struggle, other categories like electronics and beauty show healthy growth. Established brands need to reinvent themselves to compete with D2C players. He expects a better second half of the year.
Industry experts remain optimistic, anticipating a gradual improvement in consumer spending as macroeconomic factors improve and retail inflation moderates. And Saurabh Kalra, MD, Westlife Foodworld believes out-of-home consumption trends are stabilizing sequentially, but remain lower year-on-year. He anticipates improvement in discretionary spending as economic conditions improve and inflation moderates.
The Indian retail sector finds itself at a crossroads. While the initial post-pandemic euphoria has subsided, there are signs of a potential rebound. The onus lies on retailers to adapt to changing consumer preferences, embrace innovation, and navigate the growing D2C landscape to stay relevant in the evolving retail ecosystem.

Flipkart's budget-friendly e-commerce platform competing with Meesho and Amazon Bazaar, Shopsy has appointed Prathyusha Agarwal as its new head. Agarwal will also serve as vice president at Flipkart. Previously, she was the chief business officer at edtech firm Byju’s, and has held positions at Zee Entertainment, Tata Cliq, and Unilever, according to her LinkedIn profile.
Agarwal succeeds Adarsh Menon, the former senior vice president who also led Flipkart’s ReCommerce division and other new ventures. Menon left Flipkart last October to become the global president of car rental company Zoomcar.
Agarwal's appointment comes amid significant executive changes at Flipkart. On May 20, Anuj Rathi was named CEO of Flipkart's travel booking unit Cleartrip, following the departures of former CEO Ayyappan R and former CFO Aditya Agarwal.
Additionally, senior vice president of customer growth and retention, marketing, and ads Prabh Simran Singh, and vice president of monetisation Sankalp Mehrotra, are set to exit the company. Other senior vice presidents, including Amitesh Jha (marketplace and categories lead), Dheeraj A (fintech and payments head), and Bharath Ram (growth and retention leader), have also departed in recent months.
Flipkart launched Shopsy in 2021 to target low average selling price (ASP) categories, offering primarily unbranded products in segments such as apparel, small electronics, and kitchenware. This sector remains highly competitive, with Amazon introducing its low-priced fashion and lifestyle platform, Bazaar, in April. Reliance-owned Ajio is also preparing to launch a similar platform, Ajio Street.