Resurgent Retail - Powered by Rising Domestic Consumption

Cushman & Wakefield

Mall vacancies have remained below the 9% mark over the last five years, with superior-grade assets (i.e. assets backed by superior asset management practices) enjoying an even lower vacancy rate of under 4%. In the near future, we foresee relatively healthier supply addition of Grade-A malls, as seen through our forecasted supply numbers through the 2024-27 period. Consequently, many of the top cities in India will see their RSPC improve a few notches, enabling retail experiences to reach a larger share of the population. Currently there is massive tightness within the existing Grade-A malls to accommodate newer brands entering or expanding within the top 8 cities. Mall vacancies have remained below the 9% mark over the last five years, with superior-grade assets (i.e. assets backed by superior asset management practices) enjoying an even lower vacancy rate of under 4%.

Grade-A and superior malls vacancy rates (%) comparison

10.0% 12.0% 14.0%

11.6%

9.4%

8.9%

8.9%

8.5%

7.9%

7.6%

8.0%

0.0% 2.0% 4.0% 6.0% 8.0%

6.9%

3.5%

3.8%

4.1%

3.7%

2.3%

2.6%

2.8%

2016

2017 2018 2019 2020 2021

2022 2023

Source: C&W India Research

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