Lucknow leads tier 2 cities in shopping centre space: Knight Frank India report
Aug 12, 2024
Lucknow (Uttar Pradesh) [India], August 12 : According to Knight Frank India's latest research report, Think India, Think Retail 2024, Lucknow has emerged as the leader in gross leasable area (GLA) for shopping centres among 21 tier 2 cities across India.
According to the report, the city boasts an impressive 5.7 million square feet of GLA, surpassing the operational shopping centre stock of major cities like Kolkata and Ahmedabad as of 2023.
This positions Lucknow as a player in the retail real estate sector, contributing 5 per cent to the total 125.1 million square feet of shopping centre stock across 29 surveyed Indian cities.
Knight Frank India's primary survey, which analyzed 340 shopping centres across these cities, including 21 Tier 2 cities, underscores Lucknow's dominance.
The city's GLA represents a substantial 18.4 per cent share of the total 30.8 million square feet across these Tier 2 cities, further highlighting its prominent position in the retail landscape.
When comparing Tier 2 cities, Lucknow leads with 5.7 million square feet of GLA, followed by Kochi with 2.3 million square feet and Jaipur with 2.1 million square feet.
These figures highlight Lucknow's commanding presence in the retail market among its peers. The city has not only outperformed other Tier 2 cities but also surpassed some Tier 1 cities in terms of retail space.
Nationally, Lucknow ranks seventh in the country in terms of GLA of shopping centre stock, outperforming cities such as Kolkata (5.5 million sq ft) and Ahmedabad (3.2 million sq ft). The top cities in this ranking include NCR with 31.3 million square feet, Mumbai with 16.3 million square feet, and Bengaluru with 15.6 million square feet.
Lucknow's strong performance places it among the top urban centers for retail space in India, underscoring its growing importance in the national retail market.
The report further reveals that Lucknow achieved a notable shopping centre density of 1,439 square feet per capita in 2023, a figure that underscores the city's robust commercial infrastructure.
The operational shopping centres in Lucknow host more than 580 retail outlets, with a balanced mix of Indian and international brands, catering to the diverse consumer base. This density is a testament to Lucknow's ability to meet the retail needs of its growing population.
Abhishek Sharma, Senior Director - Retail Agency, Knight Frank India said, "As the capital of UP, Lucknow plays a key role in driving the state's economic activities. The city faces increasing demand for retail real estate to serve its growing aspirational population Lucknow's notably high shopping centre density highlights its strong commercial infrastructure, effectively meeting urban needs."
