India Is Aiming to reach 200 Million Square Feet Mark By 2036 By Adding 30 Million Square Feet Of Shopping Mall Space By 2027

In India, shopping malls are now a vital hub for the expansion of retail companies. We are entering an exciting new period of expansion as the entire built stock of shopping malls in the top six cities Delhi, Commercial Property in Noida NCR, Mumbai Metropolitan Region, Bengaluru, Hyderabad, Pune, and Chennai passes 100 million square feet in the first half of 2024.

In survey, India's journey started in 1991 with the opening of its first shopping center, and it took 22 years for it to reach 50 million square feet by 2013. Three-fourths of the stock during this period came from three main contributors: Bengaluru, Delhi-NCR, and the Mumbai Metropolitan Region (MMR).

After that, in just ten years (2014–2024), the area grew to 100 million square feet, with Bengaluru and NCR taking the lead and accounting for about 60% of this growth. A quarter of this development narrative was contributed by emerging cities like Hyderabad and property in Pune.

By the end of 2027, India is expected to have added an amazing 30 million square feet of new retail mall space, more than doubling the rate of building over the preceding ten years. According to a survey by real estate data analytics platform CRE Matrix, this acceleration will make it possible to meet the ambitious goal of 200 million square feet by 2036, with younger cities predicted to contribute even more to this subsequent stage of development.

In general, Indian shopping malls have provided a broad selection of options without any specialization. But other cities are likely to follow the lead established by Bengaluru, Delhi-NCR, and MMR, which have developed luxury-themed malls. The potential for more theme-based retail developments around the nation is demonstrated by the success of upscale outlet malls like Pacific Jasola in Delhi-NCR and other Commercial Property in Gurgaon, etc. which has a wealth of chances for specialty retail spaces.
 

What Is The Shifting Demand Patterns In Retail?
 

According to the analysis, there will be a substantial change in consumer demand between 2018 and 2024, and luxury and premium brands like Ralph Lauren, Victoria Secret, and Michael Kors will dominate the market. The mid-market segment, which in 2018 had a 38% market share and included companies like Domino's, Subway, and Big Bazaar, has shifted to more value-for-money and reasonably priced luxury items. Value-for-money brands like Trends, Max, and Reliance Fresh have increased from 8% to 13%, while premium brands' share has increased from 16% to 21%.

With more than 7,300 brands on our portfolio in India, we're well-positioned to benefit from this impending expansion. Malls, high streets, and brands must adapt to changing consumer behavior and changing demand patterns.

The 2030 brand environment will be very different from the current one, with the top half of the market seeing the strongest growth momentum.

With 36% of total sales in the top six cities, clothing and consumer durables have become the largest category in the Indian retail market. The consumer staples segment, which accounts for 25% of the business value, comes in close second. By carefully selecting their brands, successful retail assets have matched their brand mix to increase foot traffic.

Since 2018, the non-ethnic unisex category has dominated the Indian retail scene from a commercial value perspective. Over the previous five years, the jewellery and precious stone segment, together with sportswear and bars/breweries, has enjoyed exceptional growth, with their contributions doubling to 11%, reflecting changing consumption trends.

Conclusion

Retail brand categories and segments have not been used to analyze India's retail industry. The real estate sector in India is changing, and maintaining development in it will require this strategic alignment with demand patterns. The purpose of the research is to offer retailers and developers across India insightful information on the state of the retail industry today and how it is expected to evolve in the future.

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