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Contrary to what most doomsayers predicted about malls and street stores, retail real estate across the country is on a rocket-fuel propelled growth trajectory.
What's even more interesting is that e-commerce giants are now eyeing premium high street locations to enable their loyal discount-hungry customers to visit them in person, for a 'touch-and-feel' buying experience.
What's Trending?
Organised retail real estate is. Per CBRE's latest report, the organised retail built up space in India has touched 64.3 million sq. ft. as of H1, 2021 and is expected to cross 82 million sq. ft. by 2023, a growth of around 28%.Hyderabad is expected to add over 3 million sq. ft. of the same. Other top cities will pitch in with their own additions, taking the total space under organised retail to 8.2 crore sq. ft. in the next 2 years.
Is There Demand For Retail Space?
But riding on the back of rapid vaccinations and an overall economic recovery, the sector may close the year with a 15-40% revenue growth, depending on category.