The first quarter of 2024 saw fashion and apparel businesses dominate retail store leasing in India on high streets and in shopping centres. Clothing related stores accounted for 40% of all leasing volume in India’s top seven cities, according to professional services business JLL India.
JLL India surveyed leasing in organised retail centres and main high streets and approximately 70% of the leasing volume was located across Delhi NCR, Mumbai, and Bengaluru. “The organised retail market in India has witnessed a surge in new developments over the past few years, leading to a heightened velocity of launches across urban centres and emerging cities,” said JLL India’s head of office leasing and retail services in India Rahul Arora, India Press Businessline reported. “This has motivated retailers to expand their footprint into newer micro-markets, bringing them closer to consumers.”
Out of the fashion brands that leased stores in India in the first quarter of 2024, 76% were Indian businesses. However, international brands are also increasingly launching brick-and-mortar stores in India with numerous new brand entries to the Indian brick-and-mortar market. International makeup brands are taking a particular interest in the Indian leasing market, according to JLL India’s report.
In terms of price point, mid-segment brands were the most prominent in leasing, making up 40% of the total. This was followed by value segment brands which made up 38% in leasing.
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