Mumbai Among India’s Leading Organised Retail Markets With 23.8 Msq Ft Stock: CRE Matrix
· Free Press Journal
Mumbai, September 23, 2026: Mumbai has emerged as one of India’s largest organised retail markets, with 23.8 million sq ft (msf) of organised retail stock across shopping malls, office-led amenity retail and high streets, according to CRE Matrix’s India Real Estate Horizons – Retail 2026 report.
Organised Retail Stock Expands
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The report, which tracks 12 major Indian markets and covers 186.2 msf of organised retail stock, said India’s organised retail stock has increased nine-fold over the past two decades. Shopping malls account for 114.3 msf, office-led amenity retail for 51.7 msf and high streets for 20.2 msf.
Bengaluru has the largest organised retail stock at 29.2 msf, followed by Gurgaon at 27.4 msf, Hyderabad at 24.8 msf and Mumbai at 23.8 msf.
A key trend highlighted in the report is the rapid expansion of office-led amenity retail, which has emerged as a significant retail format. The segment has 51.7 msf of stock across the 12 tracked markets, with a record 15.4 msf added between 2021 and 2025. Gurgaon leads this segment with 10 msf, followed by Mumbai at 8.4 msf and Pune at 7.4 msf.
Mumbai Leads Rental Growth
The report noted that the retail market is becoming increasingly differentiated across cities, with different markets developing distinct combinations of shopping malls, high streets and workplace-linked retail.
Mumbai and Bengaluru recorded the strongest three-year shopping mall rental growth at 22%, compared with 11% growth across India. Mumbai also recorded the highest shopping mall rents among the tracked markets at Rs 438 per sq ft per month.
The report said the next phase of shopping mall development is expected to be driven by larger destination-led assets. India has 40.4 msf of upcoming shopping mall supply through 2030, with Hyderabad and Gurgaon together accounting for 51% of the identified pipeline.
The average size of new shopping malls is projected to rise to 0.59 msf during 2026-30, compared with 0.25 msf in the pre-2000 era.
Experience-Led Categories Gain Ground
Tenant demand is also shifting towards experience-led categories. Fashion, food and beverage, entertainment, leisure and wellness accounted for 72% of mall leasing during 2023-25, up from 54% a decade earlier. Apparel and fashion alone increased its share from 25% to 35%, while F&B rose from 11% to 15%.
In contrast, Department Stores & MBR and Essentials & Grocery together declined from 31% to 11% of leasing demand over the same period.
Retail Leasing Structures Shift
The report also highlighted changes in retail leasing structures. Average lease tenure declined from 75 months in 2021 to 70 months in H1 2026, while average lock-in increased from 22.2 months to 28.6 months. As a result, lock-in now accounts for 40.9% of the average retail lease term, compared with 29.6% in 2021.
The report said leasing outpaced new shopping mall supply in five of the seven half-year periods since H1 2023, indicating that retail demand remained ahead of fresh mall completions through most of the recent cycle.
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Abhishek Kiran Gupta, CEO & Co-founder, CRE Matrix & IndexTap, said:
“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.”
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