12 April 2022, Mumbai:
Real estate investment firm CBRE says, new store openings will increase by 25 per cent in 2022, compared to last year. Leasing across high streets and malls in India will also soar past the pre-COVID levels this year, adds the firm in its report 'Real Estate Market Outlook 2022’.
Further it adds retailers will lease over 5.1 million sq ft of space in 2022, coming close to the previous two years' combined figure of 5.9 million sq ft.
Devarajan Iyer, CEO, of Lifestyle International, says, their store count will increase in double-digits this year. A bulk of the company’s expansion will be on smaller towns.
A sharp drop in COVID-19 cases has accelerated the pace of economic recovery in the country and encouraged retailers to roll out store expansion plans. The robust economic recovery has strengthened consumer and market sentiments, causing retail growth to return to pre-COVID levels, adds Shibu Philips, Business Head, Lulu Mall.
Most companies were able to surpass pre-COVID level sales in March on account of strong demand driven by the opening of offices, and schools and increased demand due to the wedding season. Driven by a strong recovery in demand despite the third wave of the pandemic, revenues of brick and-mortar apparel retailers are expected to grow 20-25 per cent this fiscal, says CRISIL on analyzing 35 apparel retailers.
The industry will also see an increase in retail rentals as leasing inches back to pre-pandemic levels, adds Abhishek Trehan, Executive Director, Trehan Iris.
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