SHOP­PING MALLS SEE 69 PER­CENT RISE IN RE­TAIL SPACE LEAS­ING IN 7 TOP CITIES: JLL

Shopping Center News - - NEWSMAKERS NATIONAL -

Net leas­ing of re­tail space in shop­ping malls has in­creased by 69 per­cent dur­ing Jan­uary-March in seven ma­jor cities to 3.52 lakh sq ft as do­mes­tic and global brands look­ing to ex­pand their pres­ence, re­ported JLL India. Sup­ply of space in malls, how­ever, fell by 87 per­cent dur­ing the rst quar­ter of 2018 cal­en­dar year in the seven cities – Mum­bai, Delhi, Ban­ga­lore, Chen­nai, Hy­der­abad, Kolkata and Pune – to 1.6 lakh sq. ft. over a year-ago pe­riod.

“Re­tail mall ab­sorp­tion recorded a pos­i­tive trend in Q1 2018 (Jan­uary-March). To­tal ab­sorp­tion across top 7 cities of India was recorded at 3,52,000 sq. ft., record­ing a rise of 69 per­cent over the same time last year,” JLL said in a pub­lished re­port. The sup­ply side of the mar­ket recorded an ad­di­tion of only 1,60,000 sq. ft. of fresh mall sup­ply by adding just 2 new shop­ping malls in Delhi-NCR, it added. Ac­cord­ing to the data, the Delhi-NCR mar­ket ac­counted for 84 per­cent of to­tal leas­ing of re­tail space in malls at 2.92 lakh sq. ft. The other mar­kets that saw some de­cent ab­sorp­tions were Hy­der­abad (31,000 sq ft) and Chen­nai (17,000 sq ft).

“The in­creased pace of leas­ing ac­tiv­i­ties is heart­en­ing as it sig­nals to­wards a growth phase for re­tail in India. Brands, both na­tional and global, are look­ing at in­creas­ing their pres­ence in key mar­kets, to cap­i­talise on the sta­bil­ity and growth in the econ­omy,” said Ramesh Nair, CEO and Coun­try Head, JLL India. Nair said the cus­tomers to­day view re­tail malls not only as shop­ping cen­tres but also as en­ter­tain­ment hubs and life­style des­ti­na­tions.

Stat­ing that global brands have been en­ter­ing the coun­try and are ex­pand­ing rapidly in the past cou­ple of years, Nair said some in­ter­na­tional brands like Ki­abi, Mavi, Avva, Colin’s, Da­mat, Tud­baDeri and Dufy are likely to en­ter the coun­try in the next few months. The va­cancy lev­els across mall spaces re­mained sta­ble across most mar­kets with the ex­cep­tion of Delhi–NCR (18 per­cent), Hy­der­abad (11 per­cent) and Chen­nai (7 per­cent) that saw a mar­ginal de­cline over past quar­ter.

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