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Unlocking Potential A report on identifying dormant retail assets and assessing their hiddenvalue potential. 2025 knightfrank.co.in/research www.knightfrank.co.in/research Mumbai (HO)Knight Frank (India) Pvt. Ltd.Paville House, Near Twin Towers,Off. Veer Savarkar Marg, Prabhadevi,Mumbai 400 025, IndiaTel: +91 22 6745 0101 AhmedabadKnight Frank (India) Pvt. Ltd.Unit No. 407 & 408, 4th Floor,Block-C‘The First’, Behind ITC Hotel, NearKeshav Baug Party Plot, Vastrapur,Ahmedabad 380 015, IndiaTel: +91 79 6813 1501 BengaluruFirst Floor, Pinnacle TowerEmbassy One, #8 Bellary RoadGanganagar, Bengaluru 560 032,IndiaTel: +91 80 6818 5600 ChennaiKnight Frank (India) Pvt. Ltd.1st Floor, Centre block, Sunny Side,8/17, Shafee Mohammed Road,Nungambakkam, Chennai 600 006,IndiaTel: +91 44 4296 9000 GurugramKnight Frank (India) Pvt. Ltd.1505-1508, 15th Floor, Tower B,Signature Towers South City 1,Gurugram 122 001, IndiaTel: +91 124 4782700 HyderabadKnight Frank (India) Pvt. Ltd.Part of 10th Floor, Atria Block, ITPH,Plot no.17, Hitech City Rd, SoftwareUnits Layout, Madhapur, Hyderabad,Telangana 500 081, IndiaTel: +91 40 4455 4141 IndoreKnight Frank (India) Pvt. Ltd.Unit No. 1601, 16th Floor, SkyeCorporate Park, Near Satya SaiSquare, Vijay Nagar, A B Road,Indore, Madhya Pradesh 452 010,IndiaTel: +91 79 6813 1501 KolkataKnight Frank (India) Pvt. Ltd.PS Srijan Corporate ParkUnit Number – 1202A, 12th Floor,Block – EP & GP, Plot Number - GP 2,Sector – V, Salt Lake, Kolkata 700091, IndiaTel: +91 33 6652 1000 PuneKnight Frank (India) Pvt. Ltd.Unit No.701, Level 7, PentagonTowers P4,Magarpatta City, Hadapsar,Pune 411 013, IndiaTel: +91 20 6749 1500 Foreword Shishir BaijalChairman and Managing DirectorKnight Frank India Now in its ninth edition, theThink India Think Retailreport series continues to track India’s evolvingretail ecosystem. With each edition, our endeavour has been to sharpen our understanding of thecountry’s dynamic retail markets, and this year, we take another significant step forward. Having trackedthe phenomenon of ‘ghost’ shopping centres for three consecutive years, we have deepened our analysis,expanding the study from 29 cities in 2024 to an extensive coverage of32 citiesin this edition. India’s retail landscape is at a pivotal juncture. Over the past decade, the country has witnessed anextraordinary expansion of organised retail across Tier 1 and Tier 2 markets. Shopping centres that wereonce rare in smaller cities have now become central to urban life nationwide. As aspirations rise alongsidedisposable incomes, the need for high-quality retail environments has intensified. This evolving landscapepresents tremendous opportunities while posing new challenges for retailers, developers, investors, andcity planners. Think India Think Retail 2025, themed Value Capture: The Dormant Retail Opportunity, arrives ata moment when these complexities are most pronounced. During India’s retail boom, several early-generation shopping centres which are undermanaged, outdated, or unable to keep pace with changingconsumer expectations have lost relevance and gradually slipped into underuse, becoming what weterm ‘ghost’ centres. Rather than viewing these assets as relics of the past, this edition reinforces ourconviction that they hold immense, untapped value. Through strategic repositioning, new concepts, andadaptive reuse, many of these dormant centres can be transformed into vibrant, commercially viabledestinations once again. Reconnecting rising consumer demand with underutilised retail infrastructure willbe crucial to sustaining India’s retail growth trajectory. This year’s study offers a comprehensive mapping of India’s retail real estate to date. Spanning 32emerging cities, it captures the breadth of modern retail formats — from shopping centres and high streetsto airports and hotels — while providing nuanced insights into quality variations, occupancy dynamics,and consumption behaviour across markets. By pairing ground-level research with international learnings,Think India Think Retail 2025presents a clear roadmap to unlock value in ageing retail assets andre-establish them as productive contributors to the country’s consumption economy. The report aims toact as a catalyst for collaboration among developers, investors, retailers, and policymakers committed torejuvenating these centres and restoring them to relevance. Knight Frank is proud to present this forward-looking analysis of India’s retail sector. As you explore thechapters ahead, we invite you to imagine the possibilities that lie in revitalising the nation’s dormant retailestates. Together, we can help India’s retail landscape grow not just in scale, but in resilience, efficiency,and inclusivity, turning yesterday’s overlooked assets into tomorrow’s success stories. Contents Approach & Methodology3 From Air to Avenue: India’s Retail Real Estate Landscape8 •Shopping Centres as the Anchor of Modern Retail8•Shopping centre and Airports Open