Track2Realty Exclusive: Analysis of West Zone (Mumbai)
The retail landscape across the western zone of the country has remained active through 2012. The sector performance was characterized by buoyant leasing activity from both Indian and international brands. As a result, in addition to expansion of Indian brands, many international retailers also set up their new outlets in the city. Moreover, the recent policy reforms, allowing FDI in multi-brand retail has improved overall sentiments in the sector.
Additionally, the restrained mall supply, particularly in Mumbai, resulted in moderation in availability levels of mall space in the city. As a result, mall rental values across a few micro markets witnessed an appreciation in 2012. Similarly, the continued preference of retailers towards established retail hubs resulted in high street rental values.
Best performing micro markets:
– Mumbai: Suburban markets of Goregaon and Malad continue to be amongst the best performing retail markets in the city. This can be attributed to availability of significant mid range and high end residential catchment areas in vicinity.
Major Transactions:
|
City |
Retailers |
Mall / High Street |
Location |
Area (sq ft) |
| Mumbai | KidZania | R CITY | Vikhroli | 80,000 |
| Mumbai | Hamleys | Infinity Mall | Malad | 10,000 |
| Mumbai | Natuzzi | – | Lower Parel | 10,000 |
| Pune | Shoppers Stop | Koregaon Park Plaza | Koregaon | 45,000 |
Source: Market Intelligence, DTZ Research
Emerging Markets: Eastern Suburbs – Kurla.
Developments expected: The new mall development activity in Mumbai is fairly restrained. About a million sq ft of mall space is expected to get operational over the next 6 to nine months.
….to be continued
