The report shows the influx of both domestic and international retail brands into 14 tier-II cities in India during the January-September 2023 period
Bengaluru: Tier-II Cities: The Time to Shine report by real estate consulting firm CBRE showcases the significant influx of both domestic and international retail brands into 14 tier-II cities in India during the January-September 2023 period.
These 14 cities include Chandigarh, Jaipur, Indore, Goa, Mangalore, Kochi, Lucknow, Patna, Ranchi, Guwahati, Bhubaneshwar, Vizag, Mysore, and Coimbatore.
The report also provides insights into the elaborated retail dynamics within the micro markets of these 14 tier-II cities, encompassing factors such as total retail stock and total retail supply.
Key findings of the report are as follows:
- The total retail stock in the 14 tier-II cities stood at 29 million sq. ft. as of September 2023, with Jaipur, Lucknow, and Chandigarh each boasting retail stock ranging between 3 to 7 million sq. ft.
- The total retail supply recorded in these 14 cities has been around 2.4 million sq. ft. during July-September 2023.
- Top cities dominating supply addition during this period include Chandigarh, Jaipur and Lucknow
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