Tuesday, Feb 11 2025 | Time 00:39 Hrs(IST)
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Business Economy


Bengaluru's retail growth projected to double by 2030: Report

Bengaluru, July 11 (UNI) Bengaluru's retail sector is poised for a dynamic transformation, with projections indicating a substantial growth to 20-30 million sqft by 2030, a remarkable 1.4 times increase from current levels, according to a report released at the first edition of the CII Karnataka Real Estate Conclave 2024.
This surge is fueled by escalating demands in fashion & apparel, entertainment, and food and beverage sectors.
Since 2013, Bengaluru's retail landscape has more than doubled, soaring from 7.2 million sqft to over 16 million sqft by June 2024, now standing prominently as India's second-largest retail hub.
The city's retail success story is underpinned by the rise of major malls, heightened consumer awareness, increasing disposable incomes, and a preference for well-organized shopping experiences, driving an annual absorption rate of 1.5-2 million sqft.
Bengaluru leads the nation in Retail REIT malls, hosting three of India's 17 listed malls. Annual demand is buoyed by thriving sectors such as entertainment, fashion and apparel, and homeware and department stores, concentrated in key micro-markets across North and South Bengaluru.
The influx of international and luxury brands has further enriched Bengaluru's retail landscape, solidifying their presence in both malls and trendy high-street locations.
Looking forward, Bengaluru's high streets are evolving into vibrant shopping hubs, attracting a diverse array of national and international brands. Enhanced infrastructure, improved parking facilities, and captivating storefront designs are enhancing the overall shopping experience for consumers.
Future growth prospects are promising, particularly in micro-markets like Bellary Road, Yelahanka, and Sarjapur Road, bolstered by ongoing metro expansions and other infrastructural developments.
With supportive policies and robust infrastructure initiatives, Karnataka is set to fortify Bengaluru's commercial and residential sectors, extending its economic influence beyond city limits to neighboring Tier-II cities. UNI BDN
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