Mumbai Among India’s Leading Organised Retail Markets With 23.8 Msq Ft Stock: CRE Matrix

Mumbai has become one of India's largest organized retail markets with 23.8 million sq ft of retail stock, according to CRE Matrix's India Real Estate Horizons – Retail 2026 report. The report tracks organized retail stock across 12 major Indian markets and covers 186.2 msf of stock. India's organized retail stock has increased nine-fold over the past two decades. Shopping malls in Mumbai account for 114.3 msf of retail stock, followed by office-led amenity retail (51.7 msf) and high streets (20.2 msf).

Office-led amenity retail has seen significant growth, with 51.7 msf of stock across the tracked markets, while the experience-led categories have gained ground, accounting for 72% of mall leasing during 2023-25. This segment saw a 15.4 msf increase between 2021 and 2025, with Gurgaon leading the format at 10 msf, followed by Mumbai (8.4 msf) and Pune (7.4 msf).

Mumbai and Bengaluru recorded the strongest shopping mall rental growth at 22%, compared to 11% growth across India. Mumbai also has the highest shopping mall rents at Rs 438 per sq ft per month. The next phase of shopping mall development is expected to be driven by larger destination-led assets, with 40.4 msf of upcoming shopping mall supply through 2030, primarily in Hyderabad and Gurgaon.

Tenant demand is shifting towards experience-led categories, with fashion, food and beverage, entertainment, leisure and wellness accounting for 72% of mall leasing during 2023-25. Apparel and fashion alone saw a 10 percentage point increase in leasing demand, while department stores and essentials & grocery declined from 31% to 11%.