Written By Faizan Haidar, ET Bureau
“Physical spaces are built to encourage lifestyle-oriented consumption, moving away from hard sales push. Hence, given the current retail real estate supply, there is a strong likelihood that retail spaces where experiences can be curated will be in short supply even in large cities,” said Anshul Jain, managing director, India and Southeast Asia.
India’s top three cities will need 9 million square feet of retail space every year till 2027 to reach the level of organised retail area available in a country to match cities of a small country like Vietnam’s retail space per capita (RSPC), according to an analysis by Cushman & Wakefield. Currently India adds about 3.8 million sq ft of retail area every year with developers mostly focusing on office and residential assets.