Entertainment segment leasing surges across 7 cities in 2023 amid shifting leisure preferences
New Delhi: The real estate consulting firm CBRE on Tuesday reported that the entertainment leasing segment witnessed a surge of 179% Y-o-Y across 7 Indian cities in 2023. The total leasing in 2023 stood at 0.66 mn. sq. ft in comparison to 0.24 mn. sq. ft in 2022.
The entertainment segment experienced impressive growth, with a 9% share of overall retail leasing in 2023, up from 5% in 2022, indicating growing consumer demand for entertainment experiences within retail spaces, potentially indicating a shift in people spending leisure time and money. This uptick in leasing reflects the evolving leisure preferences post the COVID-19 pandemic. The heightened footfall in malls contributed to a significant rise in the overall absorption rate within the entertainment sector, as per reports.
“The entertainment sector’s surge in leasing activity reflects evolving consumer preferences,” stated Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & Africa, CBRE.
Bimal Sharma, Executive Director & Head – Retail, CBRE India, said, “Prioritising customer satisfaction through vibrant and sustainable destinations will be key to success in this evolving market. We have seen a notable increase in foot traffic to entertainment zones, indicating a strong desire for shared entertainment experiences, and people are now seeking out experiences that bring them together,” said Bimal Sharma, Executive Director & Head – Retail, CBRE India.
In Bengaluru, the entertainment segment leasing stood at 0.33 mn. sq. ft in 2023 in comparison to 0.17 mn. sq. ft in 2022, with notable brands like PVR, Bounce Inc, Sky Jumper, and Fun City securing space in retail spaces. Chennai saw a leasing of 0.11 mn. sq. ft in 2023 from 0.004 mn. sq. ft in 2022 with brands such as Timezone, PVR, Play ‘N’ Learn, NASSAA, LED, Hamleys Play, and Airborne acquiring retail space.
Similarly, Delhi-NCR recorded a leasing of 0.07 mn. sq. ft, from 0.06 mn. sq. ft in 2022, with PVR and Timezone among the brands securing retail space. Additionally, Mumbai saw a leasing of 0.06 mn. sq. ft, with INOX and Cinepolis being the notable brands in 2023. Pune witnessed a leasing of 0.05 mn. sq. ft, with Timezone, Puno Advance, and Fun City securing retail space. Ahmedabad saw a leasing of 0.03 mn. sq. ft, with brands like Timezone, Fun City, and Adjustment – Entertainment securing retail space in 2023.
“Technology like digital ticketing and immersive experiences, alongside sustainable infrastructure, not only attracts visitors but also reduces costs and environmental impact,” stated Magazine, highlighting the reason behind the surge.
“Collaborations with entertainment brands can further differentiate spaces and drive footfall,” he added further.
