Mall giants Nexus, Phoenix, DLF, K Raheja and Lakeshore to control 60% of India’s organised retail space: ANAROCK
Cities such as Indore, Coimbatore, Surat, Bhubaneswar and Chandigarh are witnessing their first institutional retail developments.
India’s retail segment is expected to see consolidation with five major players—Nexus, Phoenix, DLF, K Raheja and Lakeshore—positioned to control 60 per cent of the country’s overall mall inventory, according to property consultant ANAROCK.
The first half of 2025 saw 2.8 million sq ft of mall space deployed across India’s top seven cities, a staggering 155 per cent increase from the 1.1 million sq ft recorded in the same period in 2024. Net absorption reached approximately 2.0 million square feet, up 31 per cent year-over-year, driven predominantly by the apparel and food and beverage segments, which together accounted for 55 per cent of total absorption.
Tier-2 cities enter the spotlight
The mall expansion story will also see expansion beyond metro markets. Cities such as Indore, Coimbatore, Surat, Bhubaneswar and Chandigarh are witnessing their first institutional retail developments, with established players like Phoenix Mills, Prestige Estates and Nexus Malls expanding aggressively into these high-income, consumption-driven clusters.
ANAROCK anticipates a wave of mixed-use redevelopment in the coming years, with older malls being repurposed into integrated lifestyle districts. New projects averaging 1.0-1.2 million sq ft are in the pipeline, with entertainment, F&B and lifestyle retail expected to account for nearly half of new mall space.
Further, ANAROCK projects that India’s retail REIT market could reach ₹60,000-80,000 crore by 2030, representing 30-40 per cent of the country’s overall REIT market, which is projected to touch $25 billion (₹2 lakh crore) by the same year.
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Published on October 16, 2025
