The total amount of retail space leased increased by 5% from July to December to 2.43 million square feet, up from 2.31 million square feet reported between January and June. Leasing activity in the retail sector increased overall to 4.7 million square feet in 2022, up 20% from the previous year.
Foreign brands took the lead and began to dominate more of the market’s retail space. They included brands like Uniqlo, Victoria’s Secret, and Tim Hortons.
“The first Uniqlo store debuted in Chandigarh, Tim Hortons entered Ludhiana, and Starbucks, Biba, and Shoppers Stop debuted in Dehradun as tier-II cities gained popularity. The American company of home furnishings retailers Pottery Barn made its debut in Delhi-NCR during the second half of 2022 by opening two locations quickly one after the other.
In Delhi-NCR, Adidas opened their largest experience store, and Zara, , Nike, and Azorte are a few of the other businesses that have opened experience stores in the city that offer a variety of tech and other services “In its study, the real estate consultancy firm stated.
“The Indian retail industry is on the mend, and we predict that this trend will continue through 2023. International companies are developing not only in Tier-I cities but also infiltrating Tier-II & III cities as they consider India as a promising market, despite the challenging global economic climate “the chairman and CEO of CBRE for India, South-East Asia, the Middle East, and Africa, Anshuman Magazine.
Bangalore and Delhi-NCR topped leasing activity among the cities, accounting for about 80% of the total retail occupancy from July to December. Chennai and Mumbai were next.
and clothing While brands increased their presence in India’s smaller markets, retailers drove retail growth in the second half of 2022. The cities, according a study by CBRE South Asia Pvt. Ltd.
According to the consultancy firm’s India Retail Statistics H2-2022 report, fashion and apparel retailers increased their footprint and accounted for 42% of all lease activity from July to December 2022.
