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Pune’s Retail Sector Sees Record Growth in Leasing Activity in 2023

Pune, one of India’s fastest-growing cities, witnessed a remarkable surge in retail sector leasing in 2023, reaching a five-year high of 0.8 million sq ft, according to a report by CBRE, a leading real estate consulting firm. This was a 47% increase from the previous year and a sign of the city’s strong consumer demand and economic recovery.

The report attributed the growth in retail leasing to the entry and expansion of several international and domestic brands, especially in the fashion, homeware, and food and beverage segments. Some of the notable brands that opened or enlarged their stores in Pune in 2023 include Canadian lingerie retailer La Vie en Rose, German luxury luggage brand Rimowa, French fashion brand Bugatti Fashion, American furniture brand West Elm, and American lingerie brand Victoria’s Secret. Key findings of the CBRE report on retail sector leasing in 2023.

City Leasing (in million sq. ft) YoY change Key Sectors New Malls
Mumbai  1.0 5-year high Fashion and apparel, homeware, Luxury  2
Pune 0.8 5-year high Fashion and apparel, homeware, Luxury, Food and beverages 3
Banglore 1.2 9% increase Fashion and apparel, homeware, Food and beverages 2
Delhi-NCR 1.4 10% increase Fashion and apparel, homeware, Luxury 2
Hyderabad 0.3 13% increase Fashion and apparel, homeware, food and beverages 1
Chennai 0.7 17% increase Fashion and apparel, homeware, food and beverages 1
Kolkata 0.5 25% increase Fashion & apparel, homeware, food & beverage 0
Ahmedabad 0.6 20% Fashion & apparel, homeware, food & beverage 1

The demand for retail spaces was also driven by the completion of new malls in the city, which offered modern amenities and entertainment options to attract shoppers. Nearly 30% of the total leasing activity in 2023 was led by primary leasing in these newly opened malls, the report stated.

Pune’s retail sector performance was in line with the national trend. India recorded an all-time high retail leasing of 7.1 million sq ft across eight major cities in 2023, a 47% increase from the previous year. The report highlighted that India has emerged as one of the most promising consumer markets in the world, indicating heightened retailers’ interest in setting up, expanding, and upgrading their stores.

The report also noted that the luxury sector saw a 162% increase in leasing in 2023, reflecting the entry and expansion of international brands in the country. The report predicted that this positive momentum would continue in the coming years, as India’s retail sector evolves and adapts to the changing consumer preferences and market dynamics.

Disclaimer: The information provided by A2 Digital is for general informational purposes only.

Source: Punekar news

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