North India leads retail expansion in Tier II & III cities: JLL Report
A recent report by JLL reveals that North India will dominate retail supply in Tier II and III cities, accounting for 44 per cent of the upcoming retail developments over the next five years. Key cities driving this growth include Ludhiana, Jaipur, and Lucknow.
The report highlights the addition of 25 million sq ft of new retail space in these cities, driven by rising consumer demand and the availability of land. Samantak Das, Chief Economist at JLL India, noted that both established and emerging developers are behind this surge in supply.
Four large mall projects, each with over 1 million sq ft of leasable space, are among the developments expected. Retailer confidence in these markets has grown due to high-quality projects from reputed developers. Bridge-to-luxury and premium brands are also expanding into these cities, responding to evolving consumer preferences.
Rahul Arora, Head of Retail Services at JLL India, noted that leading developers have acquired land in cities like Jaipur, Lucknow, and Mohali. Institutional investors are also focusing on these emerging areas, with growing investments in retail spaces outside traditional metro hubs like Delhi NCR and Mumbai.
