NEW DELHI (AP) — India is poised to see a major expansion in its premium retail infrastructure, with 19 new Grade A shopping malls—covering 12.3 million square feet (123 lakh sq ft)—slated to become operational by the end of 2026 in the country’s top eight cities, according to real estate consultancy Cushman & Wakefield.
The findings were detailed in the firm’s latest report, “Premiumisation of India’s Retail Sector – Upscaling, Upgrading and Evolving,” released Tuesday at the MAPIC India Summit held in New Delhi.
These upcoming malls will be located in Delhi-NCR, Mumbai, Bengaluru, Hyderabad, Kolkata, Chennai, Pune, and Ahmedabad—cities identified as key retail growth hubs due to rising consumer demand and expansion plans of major brands.
Of the total 12.3 million square feet of new supply forecasted for 2025 and 2026, approximately 8.6 million square feet (86 lakh sq ft) will be categorized as superior Grade A-plus malls. These premium-grade spaces, often owned or operated by reputed developers or institutional investors, are distinguished by high occupancy levels exceeding 85%, a carefully curated mix of upscale tenants, and experience-driven, service-rich environments.
“India’s retail landscape is evolving rapidly, and so are consumer aspirations,” said Saurabh Shatdal, Executive Managing Director, Capital Markets & Head of Retail India, Cushman & Wakefield. “The rise of superior Grade malls reflects a clear pivot from just scale to quality and experience. Today’s consumers are seeking curated, design-led environments where the brand experience is as important as the product itself.”
The report highlights that categories such as beauty, wellness, food and beverage (F&B), and athleisure—segments known for high engagement and trading density—are key drivers in this next phase of retail evolution.
“The response from developers and brands shows a deep shift in strategy—toward sophisticated, digitally integrated, and future-ready retail formats that truly resonate with the country’s aspirational consumers,” Shatdal added.
As of 2024, India’s total stock of operational Grade A malls stood at 61.5 million square feet (615 lakh sq ft), with superior Grade A-plus malls already making up 63 percent—approximately 38.9 million sq ft—of this space. This trend underlines a broader movement in the sector: a transition from building in volume to delivering elevated quality and immersive retail experiences.