Indian Economy News

Retail sector leasing reaches a record high in 2023

  • IBEF
  • January 25, 2024

In 2023, the retail sector achieved a historic high in leasing, securing 7.1 million sq ft across eight cities, marking a 47% year-on-year increase despite a slowdown in store expansion by major retailers. International brands, including around two dozen newcomers, played a significant role in driving demand, with retail leasing by global brands reaching 25% in 2023 compared to 14% in the previous year. Notable entries include La Vie en Rose, a Canadian lingerie retailer; Rimowa, a German luxury luggage brand; and expansions by Bugatti Fashion, West Elm, and Victoria's Secret.

The luxury sector, witnessing a 162% surge in 2023, reflects a promising trend, and this positive momentum is anticipated to persist in the coming years, according to Chairman & CEO, India, Southeast Asia, Middle East & Africa, CBRE, Mr. Anshuman Magazine. India's status as a promising consumer market continues to attract increased interest from retailers, driving new setups, expansions, and store upgrades.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.