Following the decline of COVID-19, consumers have been choosing "hybrid commerce," which combines physical and online shopping.

According to "India Retail Figures H2 2022," a report by CBRE South Asia Pvt. Ltd. that highlighted the growth, trends, and dynamics across the retail sector in India, retail leasing activity increased by 5% to 2.43 million square feet in Jul-Dec '22 as compared to 2.31 million square feet reported in Jan-Jun '22 period. According to the study, leasing activity in the retail industry increased overall in 2022 by 20% year over year to 4.7 million square feet.

According to the study, fashion and apparel stores increased their presence and accounted for more than 42% of all leasing from July to December of 22. Between July and December of '22, rental activity was also primarily driven by the food and beverage (12%) and hypermarket (7%) groups. The amusement sector, which was most negatively affected by the epidemic, also appeared as one of the top demand generators from July to December of 22 with a 6% share of the total area occupied.

Physical retail gains prominence

The study described in detail how consumers increased chose "hybrid commerce," which combines offline and online shopping, as towns started to reopen following the tapering of COVID-19.

Despite the ongoing expansion of internet shopping, Indian consumers are increasingly favouring real stores. Strong foot traffic as a consequence prompted domestic and foreign merchants to take up additional space, particularly between July and December of 22.

Bangalore and Delhi-NCR dominated rental activity, accounting for nearly 80% of the total area take-up during the July-Dec '22 timeframe, followed by Chennai and Mumbai.

Chairman and CEO of Anshuman Magazine, CBRE, for India, South-East Asia, the Middle East, and Africa "The Indian retail industry is on the mend, and we predict that this trend will continue through 2023. International companies are growing not only in tier-I cities but also penetrating tier-II & III cities as they see India as a potential market, despite the challenging global economic climate.

"As the cities began to reopen after the pandemic, many consumers returned to real retail and since then have embraced 'hybrid commerce,'" said Ram Chandnani, managing director, consulting and transactions services, CBRE India. Due to rising customer trust and higher spending, sales between July and December of 22 exceeded pre-pandemic levels. Due to predicted room take-up in recently finished centres, leasing progress is anticipated to further speed up in January to June of 23.

Renting prices grew slightly.

Additionally, due to strong store demand, rental values increased slightly on a half-yearly basis in some micromarkets across most locations. Rents on expensive streets increased in a few areas of Bengaluru, Delhi-NCR, Ahmedabad, and Mumbai by about 1-3%, 4-12%, and 4-8%, respectively.

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