India Market Monitor Q3 2025 – Retail

India's retail market witnessed significant supply addition in the first nine months of 2025, as about 2.2 million sq. ft. of new mall space became operational during this period. Fashion and apparel brands dominated the leasing activity, contributing ~57% in total space take-up in Q3 2025 (July to September 2025). This expansion was wide-ranging, encompassing new store openings by sustainable, streetwear, ethnic/fusion, athleisure, luxury/designer, and direct-to-consumer (D2C) brands.

Retail supply addition is expected to further pick up pace in the last quarter of 2025 as a few investment-grade malls are likely to become operational, particularly in in a few major cities. Demand is expected to continue, driven by brands adopting innovative marketing formats such as flagship stores, pop-up kiosks, and specialised Gen Z outlets.

To gain granular insights into Retail trends across key cities, please click on the download button.