NA­TIONAL CAP­I­TAL RE­GION (NCR)

Images Retail - - COVER STORY -

Mar­ket Sum­mary

Both do­mes­tic and in­ter­na­tional play­ers were ac­tive in the leas­ing land­scape in H1 2018. Leas­ing ac­tiv­ity was led by ac­ces­sories’ re­tail­ers, fol­lowed by jew­elry, elec­tron­ics, fur­ni­ture and toy com­pa­nies – with Dis­ney open­ing three stores this quar­ter, while Pep­per­fry and Dyson opened two stores each in Delhi. Retail stores of var­ied sizes opened out­lets across prom­i­nent shop­ping cen­ters and high streets, en­sur­ing that retail ac­tiv­ity in the re­gion re­mained steady. In malls, key deals in­volved the ex­pan­sion of brands such as Pep­per­fry at DLF Mall of In­dia, Noida; Dyson at DLF Prom­e­nade, Vas­ant Kunj; and Ur­ban Lad­der at DT Mega Mall, Gur­gaon. Mean­while, MI Ex­pe­ri­ence Store, Star­bucks and Kapoor Watch opened new out­lets at the high street lo­ca­tions of Con­naught Place, Green Park and South Ex­ten­sion, re­spec­tively. DLF Chanakya has emerged as a prom­i­nent lux­ury retail des­ti­na­tion hous­ing premium re­tail­ers such as Mont Blanc, Jaegerlecoul­tre, Pan­erai Bou­tique, Her­mes, Ralph Lau­ren, Ted Baker, Diesel among oth­ers.

Delhi-ncr con­tin­ued to be the gate­way for global play­ers that were eye­ing high streets to launch/ex­pand their op­er­a­tions. Lead­ing Cash & Carry player - Siam Makro opened its first B2B whole­sale store in Delhi at Ne­taji Sub­hash Place Metro Sta­tion. Other play­ers such as Min­iso and Su­nar Jew­ellers also ex­panded pres­ence across the city’s high streets. In ad­di­tion, in­ter­na­tional brand Bath & Body Works opened its first store in the coun­try at Se­lect City­walk, Saket fol­lowed by an­other store at DLF Mall of In­dia Noida.

Sup­ply ad­di­tion in NCR in the first six months of

2018 in­cluded 32nd Av­enue, Gur­gaon, a cu­rated F&B and life­style des­ti­na­tion spread over 0.25 mil­lion sq. ft. The de­vel­op­ment is a part of a larger, 2.5 mil­lion sq. ft. mixed-use de­vel­op­ment. Am­bi­ence Mall, Vas­ant Kunj

added ad­di­tional FSI to of­fer more retail area (0.25 mil­lion sq. ft.) on the lower ground floor in or­der to plug the gap that the mi­cro-mar­ket had in terms of premium eth­nic/ fu­sion wear for women.

Rental Trends

In H1 2018, prime mall de­vel­op­ments across all mi­cro-mar­kets in the re­gion such as Saket Dis­trict Cen­ter and those in Noida wit­nessed a rental in­crease of 5-8% on a half yearly ba­sis however, lo­ca­tions such as Vas­ant Kunj and Gur­gaon wit­nessed a steep rental in­crease of 8-15% on a half yearly ba­sis, largely driven by lim­ited va­cancy and strong oc­cu­pier in­ter­est in prime de­vel­op­ments.

On the other hand, rental val­ues in the high streets of Khan Mar­ket and DLF Gal­le­ria in­creased by 8-17% on a half yearly ba­sis.

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