The second half of 2015 witnessed the addition of almost 3.6 million sq. ft. of brand new shopping centre space across the seven key cities of India.
According to the findings of commercial real estate services and investment firm CBRE’s latest report, India Retail Market View for H2 2015, the organized retail market saw an approximately 75 per cent rise in new supply of shopping space in 2015 over that of 2014.
The last six months of 2015 saw the launch of long-awaited shopping centres including DLF Mall of India at Noida, Garden’s Galleria at Noida, Virtuous Retail’s VR Mall and ETA Namma Mall in Bangalore, and the Acropolis Mall in Kolkata. Retailer demand for store space also remained upbeat across various cities, with prominent global players such as Juicy Couture, Aeropostale, and Carl’s Jr, making inroads into the country; while others such as TM Lewin, Johnny Rockets, Nando’s, and Burger King continued to expand their retail operations in India.
Brands such as H&M and GAP have already secured prime retail spaces in existing and upcoming malls in major cities of the country, reinforcing the fact that India has emerged as an important destination for international retailers.
Of the leading seven cities, Delhi National Capital Region (NCR) remained the most preferred point of entry for brands coming to India during the year. In response to this sustained demand from retailers for launching outlets in the region, the majority of new shopping center space during H2 2015 was concentrated in Delhi NCR as well.