Indias retail leasing activity grew 20% year-on-year to 3.9 million sq ft in the first half of 2026, despite inflation and geopolitical concerns. Fashion and apparel led demand with a 40% share, followed by food and beverage, entertainment, jewellery and homeware.

Retail space supply in malls fell 57% in early 2024, highlighting a persistent mismatch between demand and new completions.

Retail space leasing in India’s top cities surged 4.5x over new supply in H1 2026, driving vacancy to historic lows.