Here are the latest retail chain openings in Delhi NCR
The fashion and apparel sector was the most active in the leasing segment.
A Cushman and Wakefield report recently revealed that malls in Delhi NCR recorded leasing of approx. 0.22 million square feet (msf) in Q3.
With low prevailing vacancy in superior grade malls, majority of space take-ups were driven by retailer churns. Retail leasing was robust during the quarter with approximately 95% occupancy across Grade A Malls, the report added.
Here’s more from Cushman and Wakefield:
Majority of the leasing activity was contributed by the Fashion and Apparel sector followed by the F&B sector, with retailers such as Pirates of Grill, CostaCoffee, Nando’s, Lacoste, Louis Phillipe, among others taking up space during Q3.
Golf Course Extension Road saw a lot of retail chains opening up with M3M IFC witnessing the inauguration of Starbucks, Reflex costa coffee etc, AIPL Joystreet witnessed opening of Fashion and F&B stores such as Thevasa and Blue Tokai.
Other than this, Madame Tussauds relocated from Connaught Place to DLF Mall of India, Noida. Footfalls in majormalls have surpassed the pre covid levels and the trend is expected to continue during the upcoming festive season.
Main streets witnessed leasing of approx. 0.1 msf; majority of the activity was observed in prominent main streets of Khan Market, Defence Colony and Greater Kailash, during Q3. Accessories and lifestyle segments along with wellness accounted for the majority of the main street leasing during the quarter. Petcare product and grooming store Zigly opened up in Punjabi bagh, green park. Canadian Coffee chain Tim Hortans which ventured into the city last quarter has expanded its footprint in NCR with stores opening up in Cyber Hub, Punjabi Bagh, Select City walk, Skaet and Green Park.
Marginal drop in mall vacancy; no new mall space was added
With no new mall supply during the quarter and continued leasing momentum in malls, city-level mall vacancy declined marginally to 15.5% in Q3from 15.6% in the previous quarter. Delhi NCR’s mall inventory remained at 26.45 msf by end Q3. New mall space of around 0.24 msf is likely to get operational in Noida by end 2022, while Gurugram retail sector is expected to witness a mall space addition of 0.6 msf during early 2023.
Select mall rentals rise; main street rentals witness growth
Few superior malls have witnessed an increase of 5–10% in rentals on a qoq basis. Main streets like DLF Galleria in Gurugram continued to witness q-o-q rental growth in the range of 15-20%, while Punjabi Bagh and Rajouri garden in the North-west witnessed a 10-12% q-o-q growth, which was attributed to high retailer preference for spaces in such prominent areas. Rentals in main streets are expected to appreciate further in the upcoming quarters.