- Gross leasing reached 5.3 million sq. ft across Delhi NCR, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, and Pune.
- Bengaluru, Delhi NCR, and Mumbai led demand, accounting for 59% of total leasing activity.
- Fashion and apparel dominated with a 37% share, followed by Food & Beverage (18%) and Entertainment (12%).
- Domestic retailers claimed 78% of gross leasing, with D2C brands occupying 0.35 million sq. ft (7% of total).
- International retailers leased over 1 million sq. ft, with 56% from EMEA and 23% from America.
- Luxury retail remained strong, leasing 0.15 million sq. ft
The Indian retail market reported very strong leasing activity across the country’s top seven cities (Mumbai, Delhi NCR, Bengaluru, Kolkata, Chennai, Pune and Hyderabad) during the first nine months (January to September) of 2024, according to JLL India. Despite limited new retail space additions of just over 1 million sq. ft, the market demonstrated remarkable resilience, with gross leasing reaching an impressive 5.3 million sq. ft.
Bengaluru, Delhi NCR, and Mumbai emerged as the frontrunners, collectively accounting for 59% of the total leasing activity. This concentration of demand in major metropolitan areas underscores the continued appeal of prime retail locations to retailers.
Source: JLL Research and Retail
Note: Gross leasing included real estate space leased in major retail developments* and key high streets. The data pertains to top 7 cities (Delhi NCR, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, and Pune)
*Retail developments include Grade A and Grade B centres with presence of prominent retailers (both national and global brands). Numbers have been rounded up and may not add up to 100%.
“Despite limited new retail space additions of slightly over 1 million sq. ft, the top seven cities witnessed robust retail gross leasing activity totalling 5.3 million sq. ft in the nine-month period of 2024, underscoring retailers’ strong appetite for prime retail locations. Fashion and apparel remained the top category with a 37% share, followed by Food & Beverage and Entertainment at 18% and 12% respectively,” said Dr. Samantak Das, Chief Economist and Head of Research & REIS, India, JLL
Note: Entertainment includes multiplexes and Family Entertainment Centres (FECs);
Others include banks, automobile showrooms, lifestyle stores etc.
Source: JLL Research and Retail
India remains a key market for global brands
“Luxury and Bridge-to-Luxury retail maintained its momentum, with high-end brands securing 0.15 million sq. ft of space in first 9 months of 2024. Majority of this leasing happened in Delhi NCR and Mumbai with a combined share of 76%. This continued interest from luxury retailers’ signals growing trend towards premiumization and confidence in the spending power of Indian consumers. Additionally, the country saw entry of 20 new international retailers in first nine months of 2024. More than half of these brands chose Delhi NCR to open their first stores in the country. With the influx of quality retail supply and growing demand, international retailers are keen on setting foot in India” said Rahul Arora, Head – Office Leasing & Retail Services, and Senior Managing Director – Karnataka, Kerala, India, JLL
Additionally, domestic retailers dominated the gross leasing with a 78% share, leasing over 4 million sqft in first 9 months of 2024. Direct-to-Consumer (D2C) brands are also increasingly leasing spaces in physical retail destinations and had a share of about 7% in total gross leasing. Malls are increasingly becoming popular destinations for India’s D2C brands seeking to strengthen their connection with consumers through experiential retail.
International retailers also showed strong interest in the Indian market, leasing over 1 million sq ft across the top seven cities. European, Middle Eastern, and African (EMEA) brands led this segment with a 56% share, followed by American retailers at 23%.
Looking ahead, JLL projects that retail leasing across the top 7 cities will exceed 6.5 – 7 million sq. ft by the end of the year, signalling continued growth and optimism in India’s retail sector.
Also Read: Retail Expansion in Tier II and III Indian Cities Set to Exceed 25 Million Sq. Ft. by 2029
