In a calibrated post-pandemic move, leading retail brands are focusing more on high-street markets for expansion across India.
A report for ANAROCK Retail says that between April 2020 and May 2021, some of these brands closed over 120 lease deals at prominent high-street markets across Indian cities and towns.
The deal sizes ranged for areas as low as 400 sq. ft. and went all the way up to 35,000 sq. ft. With an over 23 per cent share, apparel category had the largest share of deals.
Apparel brands and large-format stores like Pantaloons, Westside, Zudio, Reliance Trends, and Max (typically anchor tenants in malls) are now getting more serious about their high-street presence.
The top cities, where leading brands expanded in this period, include Bengaluru, Pune, Hyderabad, Delhi, Chennai, Mumbai and Gurugram. The prominent Tier-2 and Tier-3 cities include Lucknow, Ahmedabad, Chandigarh, Patiala, and smaller towns in Uttar Pradesh and Madhya Pradesh (Indore, Bhopal, Gwalior).
Pankaj Renjhen, COO & joint MD, ANAROCK Retail, says, “High-street markets have been doing very well in these post-pandemic times and we are seeing many retail brands eye these locations as part of their expansion strategy. Well-capitalised retailers with established business models are using their competitive advantage to negotiate good deals to expand their footprint and gain a larger market share.”