According to a report released on Wednesday by CBRE South Asia, high streets emerged as the preferred location for luxury brands in India’s leading eight cities in 2023.
The eight cities tracked for leasing include Delhi-NCR, Mumbai, Bangalore, Kolkata, Pune, Ahmedabad, Chennai, and Hyderabad.
In 2023, High Streets accounted for approximately 45 percent of the total luxury retail leasing, while luxury brand stores in malls comprised 40 percent, with standalone stores making up the remaining 15 percent.
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“The luxury sector, which saw a significant increase in leasing in 2023, shows a promising trend with the entry and expansion of international brands,” said Anshuman Magazine, chairman and CEO, India, Southeast Asia, Middle East & Africa, CBRE.
In 2023, luxury brands collectively leased 0.6 million square feet of space. This comprised 0.24 million square feet in malls, 0.3 million square feet across high streets, and 0.1 million square feet in standalone stores.
The report attributed the surge in luxury retail to several factors, including rising demand for premium and luxury goods, heightened exposure to luxury brands via social media, and the expansion strategies of luxury brands in metropolitan areas.
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