New Delhi: High streets emerged as the top choice for luxury brands in India’s top eight cities in 2023, according to a report by CBRE South Asia released on Wednesday.
The eight cities tracked for leasing include Delhi-NCR, Mumbai, Bangalore, Kolkata, Pune, Ahmedabad, Chennai and Hyderabad.
High Streets constituted about 45 per cent the overall luxury retail leasing in 2023 against luxury brand’s stores in malls at 40 per cent and standalone stores at 15 per cent.
“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.
The overall leasing by luxury brands stood at 0.6 million square feet in 2023. In terms of area, luxury retailers leased 0.24 million square feet of space in malls followed by 0.3 million square feet of space across high streets and 0.1 million square feet in standalone stores.
Factors such as the increasing demand for premium and luxury goods, exposure to luxury brands through social media, and the expansion plans of luxury brands in metro cities led to the surge of luxury retail, the report said.
