India is currently one of the largest retail markets in the world. The emergence of E-Commerce and Organized Retail Sector has given a boost to the retail market during the last few years. However, even in the era of e-commerce, the growth of offline retail market has not been affected. For this reason, this year can prove to be a new record holder in terms of growth rate of malls in the top cities of the country.
Mall space will increase this year
Property consultant Anarock and Retailers Association of India have released a report in this regard. according to the report, year 2023 In the top seven cities of the country, the mall space will increase by about 110 lakh square feet. It will be more than the area of 145 football fields. After a few years of lethargy due to the Corona epidemic, there are signs of a return to the spectacular boom in the mall sector.
Fast growth in these seven cities
According to the report, more growth is going to happen in 2023 alone than what happened in the last three years combined. This will be the biggest ever increase in mall space during any one year. According to the report, at present there are 51 million square feet of mall space in the seven major cities of the country namely Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Delhi-NCR and Pune. It is going to increase by 250 lakh square feet by the year 2026.
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last year was like this
According to the report, Delhi-NCR and Hyderabad will contribute about 46 per cent of this growth in mall space. It will be followed by Bengaluru with a share of 19 per cent. Last year, there was an increase of more than 26 lakh square feet in mall space in these seven cities, which was 27 percent more than in the year 2021. Mall rental also increased last year. It crossed the pre-pandemic level in 2022 with about 15 percent growth.
Rent has also increased
According to the report, the rent of malls in Bengaluru increased the most last year by about 27 per cent. It was followed by Kolkata with an increase of 20 per cent. Kumar Rajagopalan, Chief Executive of the Retailers Association of India, said about this, despite high rents, retailers are giving preference to quality places instead of savings. Large scale supply is coming in the coming time, due to which retailers will have opportunities for expansion.
Retail market will become so big
According to this report of Anarock, the size of the Indian retail market is going to increase manifold in the next few years. In the year 2021, the size of the Indian retail market was 690 billion dollars. By the year 2032, it is estimated to increase to 02 trillion dollars. In this way, the size of the retail market is going to increase at the rate of 25 percent annually.
