Page 53 - #201 September 2025

WORLD CLASS RETAIL

- Spotlight on India

Mall Meets Metropolis Phoenix Grand Victoria, Alipore, Kolkata, India

continued to expand their footprints across retail
formats throughout the year, with gross leasing ugram, which in total will cover around 14 lakh Goa Mall early next year, which comprises seven
square feet of space. At present, DLF Group has
lakh square feet of retail space, meaning it will
moderating by only six per cent over 2023. eight retail properties, including a large shopping become the largest mall in Goa. The development
CBRE’s ‘2025 India Retail Outlook’ highlights
India’s retail landscape is a vibrant ensemble of formats. Through the rapid urbanisation of the country in recent that India’s retail sector is expected to maintain mall in Noida, with a portfolio of around 45 lakh will house more than 300 Indian and international
brands across categories such as fashion, lifestyle,
square feet of space. The company will open DLF
decades, retailing in India has evolved significantly and the mall culture continues to grow. Over the coming pages, its growth momentum in 2025 as malls continue Midtown Plaza, comprising more than two lakh food and beverage, home décor and consumer
RLI takes a closer look at an undervalued retail market and how some of its recent and upcoming projects are placing to refine their tenant mix and offer dynamic square feet area, at Moti Nagar in the national durables. Additionally, the mall will offer exten-
it firmly on the mixed-use development global map. shopping, entertainment and dining experiences. capital in the next few months. The development sive parking facilities with capacity for over 800
will feature a mix of contemporary retail stores,
vehicles, enhancing convenience for visitors.
International and domestic brands across various
Phoenix Mills, India’s largest mall operator,
J LL’S GUIDE ON INDIA entitled ‘The real spaces steadily. Of the expected mall supply from retail market dynamics: Q4 2024’ - during the categories are likely to remain key drivers of leas - a food court, cafés and theme-based restaurants plans to expand its retail portfolio from 11.5
and around 75-80 per cent of the area has already
ing growth.
2025 to 2030, nearly 43 per cent will be spread
The future looks bright for the country moving
calendar year 2024, 8.1 million square feet of
(e)state of Indian retail sector’ explains that
million square feet to over 14 million square feet
been leased, or is in the final stages of being rented
the Indian retail sector has been undergo - across malls sized between one million square feet area was leased by retailers in shopping malls and forward as supply is accelerating. Over 2.2 mil- out. Later this year meanwhile, the company will by 2027 and 18 million square feet by 2030. The
ing a significant transformation in the current to three million square feet of gross leasable area. prominent high streets across India’s top seven lion square feet of new retail supply was added open DLF Summit Plaza in Gurugram, covering growth will be driven by new developments in
decade. Growing affluence, aspirational shift Moreover, they will largely comprise assets under cities (Mumbai, Delhi NCR, Bengaluru, Kolkata, in H1 2025, led by large malls opening in Mumbai, around 4.8 lakh square feet of space, of which cities such as Kolkata, Surat, Coimbatore, Thane
and social media influence are driving the trend development by listed real estate developers in Chennai, Pune and Hyderabad). Last year bore Hyderabad and Delhi-NCR and momentum is more than four lakh square feet is retail and the and Chandigarh. Phoenix Mills also aims to add
of “premiumisation”. In the past four years, 60 the country. In a nutshell, this decade will see a witness to new retail space additions of nearly expected to strengthen in H2 2025. rest is co-working space. Key highlights include four hundred thousand square feet to its Lower
international brands have entered India, with new rich supply of superior-quality malls from leading 1.7 million square feet across seven retail devel- a boutique cinema with two to three screens, Parel property within two years. The company is
entrants nearly doubling from 14 in 2023 to 27 in real estate developers, which will redefine the opments. Despite limited infusion of new spaces PROJECTS ACROSS INDIA accommodating up to 300 patrons, alongside arti - currently working on three new projects, one of
2024. Developers have been noticing this trend retail landscape in India. of superior quality, momentum in retail sector’s Over the next few months, developer DLF will sanal cafés, curated dining options and a blend of which is Phoenix Grand Victoria in Alipore, Kolk-
and augmenting the supply of REIT-able mall According to another insight by JLL, ‘India gross leasing remained unaffected as retailers open three shopping malls in Goa, Delhi and Gur- global and Indian brands. Finally, they will open ata. The project was announced in 2021 while the
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