Delhi-NCR retail leasing jump of 45% in Q1 2026 resurfaces, as fashion and F&B fueled expansion

Resurfacing a Q1 2026 report: retail leasing in Delhi-NCR reached 0.59 million sq ft that quarter, up from 0.41 million sq ft a year earlier. Malls accounted for 64% of activity, with fashion and food-and-beverage brands driving demand despite constrained supply across major cities.

— FiledThu, 24 Sept, 2026, 10:04 IST·First seen Thu, 24 Sept, 2026, 10:03 IST·Source Financial Express · BrandWagon

What happened

Delhi-NCR retail market · Delhi-NCR retail leasing rose 45% year-on-year to 0.59 million sq ft in Q1 2026, led by fashion and F&B demand. Mall leasing

Key facts

  • Delhi-NCR Q1 2026 retail leasing: 0.59 million sq ft
  • Year-on-year leasing growth: 45% from 0.41 million sq ft
  • Mall share of Delhi-NCR leasing: 64%
  • High-street share: 36%
  • Delhi-NCR share of top-eight-city activity: 30%
  • Top-eight-city Q1 leasing: 1.95 million sq ft, down 10% from 2.17 million sq ft
  • 2025 leasing across eight cities: 9.21 million sq ft

Why this matters

Fashion and F&B expansion is intensifying competition for mall space, making landlord alliances, franchise partnerships, and portfolio-led market entry increasingly strategic.

What to watch

  • Quarterly Delhi-NCR mall vacancy and effective-rent movement, especially in Gurgaon and Noida.
  • New mall completions, redevelopment approvals and handover delays in NCR.
  • Fashion and F&B same-store sales, average bill values and weekend footfall trends.
  • Share of leasing taken by domestic versus international brands and the number of large-format anchor deals.
  • High-street leasing growth relative to malls, indicating whether constrained mall supply is displacing demand.
  • Consumer discretionary-spending indicators, inflation and retail financing conditions.
  • Prioritize anchor, mini-anchor and food-hall positions in dominant malls before vacancy compresses further.
  • Use flexible lease structures for experimental formats, including turnover-linked rent, shorter lock-ins and phased fit-outs.
  • Build a Delhi-NCR store pipeline across premium malls, affluent high streets and emerging Noida/Gurgaon catchments rather than relying solely on central prime inventory.
  • Increase F&B adjacency and experiential merchandising in fashion-led locations to capture longer dwell time and cross-shopping.
  • Model rent escalation against store-level sales density; avoid bidding wars for units without proven catchment spending power.