These malls will collectively contribute around 123 lakh sq. ft. of retail space
Bengaluru: India is on track to add nearly 20 premium shopping malls by the end of 2026 across eight of its largest cities, according to a report by real estate consultancy Cushman & Wakefield.
These malls will collectively contribute around 123 lakh sq. ft. of retail space, reflecting the growing appetite among retailers for high-quality physical storefronts in their expansion strategies.
The cities expected to witness this growth include Delhi-NCR, Mumbai, Bengaluru, Hyderabad, Kolkata, Chennai, Pune, and Ahmedabad.
Notably, approximately 86 lakh sq. ft. of the upcoming retail space will be classified as Superior Grade (Grade-A plus), highlighting a distinct shift toward premium formats. These top-tier malls—typically developed and operated by reputed real estate players or institutional investors—are recognized for their high occupancy levels, often surpassing 85%, and for offering elevated services and amenities.
As of 2024, India’s Grade A mall stock stands at approximately 615 lakh sq. ft., with top-tier (Grade A) spaces accounting for nearly 63% of the total—underscoring the premiumisation trend gaining momentum in the country’s retail real estate market.
The report finds that, traditional anchors like hypermarkets and cinemas are declining, while fashion, beauty, wellness, F&B, and athleisure are becoming key footfall drivers. Beauty and wellness now see high trading densities (Rs 8,000–Rs 12,000/month) and strong consumer engagement. F&B has emerged as a new anchor, often outperforming departmental storesa and there’s also growing interest in jewellery and CDIT.
“India’s retail landscape is evolving rapidly, and so are consumer aspirations. The rise of Superior Grade malls reflects a clear pivot from just scale to quality and experience. Today’s consumers are seeking curated, design-led environments where the brand experience is as important as the product itself,” said Saurabh Shatdal, Executive Managing Director, Capital Markets & Head, Retail India, Cushman & Wakefield.
He further emphasised that both developers and brands are leaning into sophisticated, tech-enabled retail models that align with the expectations of modern, aspirational consumers.
