Rising consumer demand for entertainment experiences within retail spaces led to a 179% year-on-year surge in entertainment sector leasing across seven Indian cities in 2023, and this momentum is expected to continue in 2024. I am.
The luxury brand will also continue to expand nationwide, with plans to move beyond tier 1 cities and enter high-potential markets in tier 2 cities in 2024. This expansion is aimed at building brand awareness, strengthening customer engagement and improving the personal entertainment experience, according to a report by CBRE South Asia Pvt. Ltd. Ltd. is a real estate consulting company.
According to real estate consultant CBRE, leasable retail space in the entertainment sector in seven Indian cities in 2023 was 660,000 sq ft, up from 240,000 sq ft the previous year, an annual increase of 179%.
The seven cities include Delhi-NCR, Mumbai, Chennai, Bangalore, Hyderabad, Ahmedabad and Pune.
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The entertainment sector consists of various facilities such as movie theaters, game centers, and kids play areas. The increase in foot traffic to the mall has led to an increase in visitors to other entertainment zones such as arcades and clubs. This trend has contributed to a significant increase in overall absorption within the entertainment sector.
According to a report from CBRE, the entertainment sector will account for 9% of all retail leases in 2023, up from 5% in 2022.
In 2023, the city returned to full normalcy following the lifting of COVID-19 protocols.
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In 2023, the entertainment sector leases in Bangalore were 0.33 million. Well-known brands like PVR, Bounce Inc, Sky Jumper and Fun City have secured space in the retail space. In 2022, the rent in Bangalore was 0.17 million. According to the report, well-known brands such as Tridom, PVR, Kids Jungle and Hallucinate have secured retail space in the city, with an area of sq.ft.
In Chennai, leases amounted to 0.11 million. Brands such as Timezone, PVR, Play 'N' Learn, NASSAA, LED, Hamleys Play and Airborne have acquired retail space. The city recorded a rent of 0.004 million. According to the report, LED will enter the city as a notable brand and sq.ft. in 2022.
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Delhi-NCR recorded 0.07 million leases. In terms of square footage, PVR and Timezone are among the brands securing retail space. Delhi-NCR recorded 0.06 million leases. The top leasing brands for 2022 include Time Zone and INOX, the paper said.
Additionally, 0.06 million leases were generated in Mumbai. INOX and Cinepolis are famous brands. In Pune he was given a lease of 0.05 million. Time Zone, Puno Advance and Fun City have secured retail space and sq. ft., the company said.
In Ahmedabad, there were 0.03 million leases. Brands such as Timezone, Fun City and Adjustment – Entertainment have secured retail space. Lease in Hyderabad was 0.01 million. According to the report, Funtura is one of the brands to watch.
“Driven by rising demand and evolving consumer preferences, the Indian entertainment industry is witnessing a surge in leasing activity, presenting a huge opportunity for developers and stakeholders to shape the future of entertainment. Leading Entertainment Brands Our strategic partnership with CBRE will further enhance these spaces and help drive footfall and brand loyalty,” said Anshuman Magazine, Chairman and CEO, India, Southeast Asia, Middle East & Africa, CBRE. I am.