Retail space demand to rise further, rents to surge 15% in 6 mnths: Experts

Retailers Association of India says retail market size is expected to touch $2 trn by 2032; also, retail sales surpassed pre-pandemic and grew by 19% in 2022

With the worst impact of the Covid pandemic having subsided, revived consumer sentiment, consumption appetite, and omnichannel adoption by brands and retailers are expected to sustain growth in the retail sector. Mall developers, too, are upbeat because of this bright outlook. 
 
According to the Retailers Association of India (RAI), the retail market size is expected to touch $2 trillion by 2032. Surpassing the pre-pandemic levels, retail sales grew around 19 per cent in 2022.
 
Increased retail demand
 
Buoyed by this growth, developers plan to add nearly 25 million square feet of new mall space across the top