Retail Sector in India Witnesses Remarkable Growth in 2023: CBRE Report

Retail Sector in India Witnesses Remarkable Growth in 2023: CBRE Report

VoM News Desk | January 24, 2024 | 05:47 PM IST | Breaking News | Follow on Google News

Retail Sector in India Witnesses Remarkable Growth in 2023: CBRE Report

Retail Sector in India Witnesses Remarkable Growth in 2023: CBRE Report

CBRE South Asia Pvt. Ltd’s ‘India Market Monitor Q4 2023’ report reveals a significant surge in India’s retail sector.

In 2023, retail leasing reached an unprecedented 7.1 million sq. ft. across eight major cities, indicating a 47% year-on-year increase.

The report highlights the role of newly completed malls, accounting for 30% of total absorption.

Retail supply peaked at 6 million sq. ft., showing a remarkable 316% year-on-year growth, attributed to the commencement of operations in 12 investment-grade malls.

Fashion and apparel led the retail leasing surge with a 32% share, followed by homeware and department stores at 17%, emphasizing India’s status as a growing consumer market.

The report anticipates continued retail expansion and innovation in 2024.

VoM News Desk

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