India’s big cities are gearing up for a wave of high-end mall openings, with nearly 20 new premium shopping centers expected to go live by the end of 2026, according to a new report by Cushman & Wakefield.
Spread across eight key urban markets—Delhi-NCR, Mumbai, Bengaluru, Hyderabad, Kolkata, Chennai, Pune, and Ahmedabad—these new retail developments will add roughly 123 lakh square feet of fresh space to the market. And this isn’t just about size—it’s about stepping up the quality.
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Out of the upcoming supply, around 86 lakh square feet will fall into the “Superior Grade” category. That means top-tier construction, better tenant curation, and enhanced experiences for shoppers. These aren’t your average malls; they’re sleek, highly serviced spaces built by trusted developers or backed by institutional money, often enjoying occupancy rates north of 85%.
From Function to Flair
India already boasts around 615 lakh sq. ft. of Grade A mall space as of 2024, and nearly two-thirds of that belongs to the upper tier. The report points to a retail market that’s no longer just about filling up space—it’s about making the experience count.
What’s changing inside the malls is just as telling. The once-dominant anchors—like hypermarkets and cinemas—are slowly taking a backseat. In their place, categories like fashion, beauty, wellness, athleisure, and F&B are becoming the real magnets for foot traffic.
Beauty and wellness outlets, in particular, are punching well above their weight, pulling in Rs 8,000 to Rs 12,000 per sq. ft. per month, while restaurants and cafes have emerged as the new-age anchors, often doing better than traditional department stores. There’s also a visible uptick in interest around jewellery and consumer electronics.
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Shoppers Want More Than Just Stores
According to Saurabh Shatdal, Executive Managing Director – Capital Markets and Head of Retail India at Cushman & Wakefield, today’s malls are evolving beyond retail hubs. “It’s no longer about how big a mall is—it’s about how good it feels,” he said. “People want beautifully designed spaces, curated environments, and meaningful brand experiences. That’s where Superior Grade malls are hitting the mark.”
In short, India’s malls are trading mass appeal for immersive, high-quality experiences—and developers are racing to meet that demand.
