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Apparel leasing share declines to 37% in FY25 amid e-commerce boom: Anarock report
In contrast, the leasing by food and beverage brands witnessed a rise in FY25, with the share increasing from 8% in FY19 to 12% in FY25
The leasing share of apparels is expected to fall further to 32% by FY30
Amid online shopping, apparel brands have shown reservations in offline stores, with leasing declining from 42% in FY19 to 37% in FY25.
According to Anuj Kejriwal, CEO & MD - ANAROCK Retail, the leasing share of apparels is expected to fall further to 32% by FY30. The CEO attributed the fall in leasing to hypermarkets, ecommerce, and going traction of quick commerce.
Notably, apparel for the highest leasing space among all retail businesses.
In contrast, the leasing by food and beverage brands witnessed a rise in FY25, with the share increasing from 8% in FY19 to 12% in FY25. Kejriwal said the F&B leasing space will surge to 16% in 20230.
ANAROCK research noted that apparel and F&B together represented 54% of total retail leasing, which is 2 million sq. ft approximately, in the first half of 2025 (1H 2025) in Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, and Kolkata, against 37% in 2023.
Moreover, high-value consumption categories, such as beauty and wellness, sports, and jewellery, have also gained traction across malls in the last few years. "From a very modest 2% leasing share back in FY19, jewellery segment leasing saw its share rise to 5% in FY25, with projections to reach 13% in FY30," Kejriwal stated.
Of net retail absorption of over 2 million sq ft. across the top 7 cities in H1 2025, nearly 33% was leased by apparel brands, 21% by F&B brands, 16% by entertainment zones, and 11% by home & lifestyle brands in FY25, Anarock report mentioned.
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