18 mn sq ft mall retail space to be added to top 8 cities in 2024-27: C&W

Fresh supply of retail space in shopping malls during 2024-27 across eight major cities is expected to be 18 million sq ft, which is one-third of the projected requirement to meet the demand, according to Cushman & Wakefield (C&W).

Real estate consultant C&W in its latest report pointed out that "India's Retail Space Per Capita (RSPC) lags behind other South Asian countries, including Indonesia, Philippines, Thailand, and Vietnam."

This underlines vast potential for expansion of retail spaces, it added.

At present, the total retail space in top eight cities is around 60 million sq ft and 18 million sq ft is expected to be added during 2024-27.

In the first half of 2024, no new mall became operational.

"To reach a 1.0 RSPC by 2027, comparable to Indonesia -- the closest relevant comparison owing to relatively similar per capita incomes -- there is a need to construct about 55 million sq ft of mall space over the next four years," the consultant said.

At present, the ...