06 February 2025, Mumbai
India's retail market is attracting a large number of international brands. As per a JLL India report, 27 new foreign retailers entered the Indian market in 2024, nearly double the 14 that arrived in 2023. Over the past four years, 60 international retailers have established a presence in the country, catering to Indian consumers' growing preference for global brands.
The top three retail categories expanding into India in 2024 included beauty, cosmetics, and wellness spanning fashion, apparel, footwear, bags, and accessories segments. Rahul Arora, Head- Office Leasing & Retail Services, and Senior Managing Director - Karnataka, Kerala, India, JLL, notes, India is receiving significant attention from international retailers. In 2024, 56 per cent of new retailers from the EMEA region entered India, with French and Italian retailers also making particularly notable strides in the country.
Delhi-NCR emerged as the preferred location for over half of these international retailers' first stores in India, followed by Mumbai. The luxury retail sector also maintained strong momentum, with high-end brands leasing approximately 190,000 sq ft in 2024. Luxury retailers continue to prioritize expansion in India, particularly within the fashion and apparel segment, which accounted for nearly half of the total luxury space leased during the year.
Kunal Rishi, COO, Paras Buildtech avers, the influx of international brands and the expansion of domestic brands has led to an increased demand for high-quality retail space. Rising urbanization, increasing disposable income, and evolving shopping preferences are making India one of the most dynamic retail markets globally, he adds.
Akash Nagpal, VP-Leasing, Trehan Iris emphasizes, Delhi-NCR is fast emerging as a top market for retail space, driven by strong demand and the ongoing influx of international brands. The city is likely to add over 2 million sq ft in 2025, further solidifying its appeal to both local and international retailers, he adds.
