India Retail Figures H1 2023
August 17, 2023 10 Minute Read
Backed by sustained discretionary spending, retail consumption and recovery continued to strengthen in H1 2023. There was a notable upswing in the space take-up and investment-grade supply addition maintained its growth trajectory during the first half of the year.
Below is a lowdown of some of the broad trends witnessed in H1 2023:
- Retail leasing witnessed an uptick of 24% Y-o-Y to touch 2.9 million sq. ft, a rise of 15% compared to H2 2022.
- Bangalore led the leasing activity, followed by Delhi-NCR and Ahmedabad, accounting for nearly 65% of the total absorption.
- Fashion and apparel retailers dominated the space take-up by contributing about 34% share in total absorption during H1 2023. Other prominent categories that dominated absorption included food & beverage (~15%), along with homeware and department store categories (~14%).
- Supply addition touched 1.1 million sq. ft., an increase of about 148% Y-o-Y and an 8% rise on a half-yearly basis. Ahmedabad, Delhi-NCR, and Chennai collectively contributed to the addition of investment-grade malls.
- Strong demand for quality retail space attributed to an increase in rental values on a half-yearly basis in select micro-markets across most cities.
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