Operational retail space in India to rise by 45% by 2028: JLL
08 February 2024, Mumbai
Operational retail space in India's top seven cities is expected to rise by 45 per cent from 91 million sq ft to 132 million sq ft by 2028.
As per a new report by JLL Developers are focusing on larger malls which grew by 41 per cent in size in 2023. These malls offer enhanced shopping experiences with entertainment, F&B, and fashion. Large foreign investors are expected to hold 24 per cent of the new supply in the next 5 years.
Interesting data-points
The newly launched first retail REIT paves the way for further acquisitions and portfolio expansion. Led by Bengaluru, Delhi NCR and Mumbai, retail leading surged to 8.7 million sq ft in 2023. Most of this space was occupied by fashion and apparel brands followed by F&B, entertainment and home furnishing.
Around 14 new international brands entered India in 2023, primarily in Mumbai and the F&B sector.
