25 February 2023, Mumbai
Kolkata’s retail leasing momentum remained strong in the fourth quarter of the year driven by continued bullishness in consumer spending on categories such as fashion, consumer electronics, jewellery, and accessories. So says Cushman & Wakefield.
Due to limited mall supply, main streets in Kolkata are expected to dominate near-term leasing in the retail space. Prominent shopping malls and main streets saw a sharp increase in footfalls in the quarter exceeding pre-Covid levels, both on weekdays and weekends, with festive season demand driving retail sales higher.
Total retail leasing volumes grew by 25 percent to 30 percent over the previous quarter. Although malls accounted for around a quarter of leasing volume in the fourth quarter as compared to less than five percent in the previous quarters, main streets accounted for 75 per cent of leasing volumes. The fashion and apparel segment accounted for around 60 per cent of retail leasing in the fourth quarter followed by consumer electronics at 20 per cent.
The QSR segment within the food and beverage sector is likely to expand not just in Kolkata but also in surrounding markets, says Cushman & Wakefield. However, a major proportion of this expansion is likely to be concentrated around main streets due to space constraints in existing Grade A malls and low visibility of mall supply over the next few quarters.
