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Mumbai Emerges as Major Organised Retail Market, CRE Matrix Says
Mumbai is one of India’s biggest organised retail markets.
Organised retail includes shopping malls, busy high streets and retail areas connected to offices.
Mumbai has 23.8 million square feet of these retail spaces.
Bengaluru has the most, followed by Gurgaon and Hyderabad.
Retail spaces connected to offices are growing quickly in Mumbai and other cities.
Shopping mall rents in Mumbai grew strongly over the past three years.
People are spending more time and money on fashion, food, entertainment, leisure and wellness in malls.
New malls are expected to become larger and more focused on experiences.
Retail leases are lasting for slightly less time, but tenants are agreeing to stay locked in for longer periods.
Mumbai has 23.8 million sq ft of organised retail stock, ranking fourth among 12 major Indian markets.
India’s organised retail stock totals 186.2 million sq ft, including malls, office-led amenity retail and high streets.
Mumbai recorded 22% three-year shopping mall rental growth and the highest rents at Rs 438 per sq ft per month.
Experience-led categories accounted for 72% of mall leasing during 2023-25, up from 54% a decade earlier.
Average retail lease tenure fell to 70 months by H1 2026, while average lock-in rose to 28.6 months.
- Who
- CRE Matrix, led by CEO and Co-founder Abhishek Kiran Gupta, reported the findings on India’s retail markets.
- What
- Mumbai was identified as one of India’s leading organised retail markets, with 23.8 million sq ft of stock.
- Where
- Mumbai and 11 other major Indian retail markets covered by the CRE Matrix report.
- When
- The findings were released on September 23, 2026; leasing figures cover 2023-25 and H1 2026 where specified.
- Why
- The market is expanding through shopping malls, office-led amenity retail and high streets, while tenant demand is shifting toward experience-led categories.
Key facts
- Mumbai organised retail stock
- 23.8 million sq ft
- India organised retail stock
- 186.2 million sq ft across 12 tracked markets
- Office-led amenity retail stock
- 51.7 million sq ft across the 12 markets
- Mumbai mall rental growth
- 22% over three years
- Mumbai mall rent
- Rs 438 per sq ft per month
- Upcoming mall supply
- 40.4 million sq ft through 2030
- Experience-led leasing share
- 72% of mall leasing during 2023-25
Quotes
Abhishek Kiran Gupta
CEO and co-founder of CRE Matrix and IndexTap
“India’s retail market is undergoing a structural shift, with organised retail no longer defined by shopping malls alone. Office-Led Amenity Retail has emerged as a parallel retail format, while experience-led categories are reshaping malls. With 186.2 msf of organised retail stock and 40.4 msf of upcoming mall supply, the market is becoming larger, more diversified and increasingly differentiated across cities.”
freepressjournal.in
Sources
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