According to the new report by JLL, nearly 1.1 million sq.ft of retail space in systematized retail centers and major high streets was rented in the first quarter 2024 with Delhi NCR, Mumbai and Bengaluru jointly clocked around 70 percent of the entire leasing activity.
This surge was led by mid-segment brands, which captured a significant share of 40%, closely followed by value segment brands at 38%, the data showed.
Overall, the apparel and fashion industry subjugated the retail store leasing in 2024 by accounting 40 percent to gross leasing volume of 1.1 million square feet, the report stated.
This upraise was driven by mid-segment brands that accounted a vital share of 40 percent, nearly trailed by value segment brands at 38 percent.
The above mentioned data refers to major 7 cities Bengaluru, Delhi NCR, Hyderabad, Chennai, Chennai, Pune and Mumbai.
Expressing elaborately about this, Rahul Arora, Head of Office Leasing & Retail Services, India, and Senior Managing Director for Karnataka & Kerala, JLL says, “The organized retail market in India has witnessed a surge in new developments over the past few years, leading to a heightened velocity of launches across urban centers and emerging cities. This has motivated retailers to expand their footprint into newer micro-markets, bringing them closer to consumers”.
Similarly, Samantak Das, Chief Economist & Head of Research & REIS, India, JLL says, “Prime retail spaces with high footfall continue to be in robust demand across the nation, as both international retailers and leading national brands display a strong appetite for superior-grade retail developments. Shoppers, too, showcase a clear preference for well-curated tenant mix, robust management, and superior infrastructure. In top-quality retail centers, vacancy levels remain low, hovering around 6%”.
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