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Mumbai led the rest of the country in supply of retail space in the first half of 2017, says a study by CBRE South Asia Pvt Ltd, a real estate consulting firm. The firm says the first half of 2017 saw an addition of about 1.5 million square feet of fresh supply across the seven key cities; of this 1 million square feet was from the launch of Seawoods Grand Central mall in Mumbai. GT Mall (0.3 million sq ft) in Bengaluru and Baani City Center (0.2 million sq ft) in Delhi NCR made up the rest.
Overall, there was a slight dip in the pan-India supply compared to the 1.9 million sq ft addition in the second half of 2016, the firm said. According to the firm, there were 70 new entries/expansions by global and domestic brands across the seven big cities.
“Seven new global brands entered the country and investments into the segment by PE Firms/Wealth Funds touched $200 million. Several retail developments were completed across select cities resulting in approximately 1.5 million sq ft of fresh supply entering the market. During the first half of the year, demand for quality retail space remained robust,” said the report.
In 2017, not only did a number of international brands expand their presence, but hypermarkets such as Big Bazaar opened new stores in Mumbai, Bengaluru and Chennai, the report said.
Rental trends were mixed. “While high streets such as Connaught Place, Khan Market and South Extension in Delhi and Park Street and Elgin Road in Kolkata witnessed a rental appreciation, rentals in other high streets remained stable. Some high streets such as Linking Road in Mumbai and MG Road in Pune saw a marginal dip in rentals.”
In Mumbai, leasing activity was driven by domestic F&B operators and foreign retailers from various segments, the report said.