JLL India and CII Release Retail Report at National Retail Summit 2017, New Delhi

NEW DELHI, December 1, 2017 /PRNewswire/ --

- Report highlights retail sector's growth potential in Tier 2 and 3 cities 

Analyzes how mall withdrawals in Tier 1 cities have kept the vacancy levels stable 

- Identifies top 20 cities that will drive retail growth basis total retail stock, upcoming supply, retailer presence, retailer expansion plans and investments 

- Jaipur ranks 1st in total current retail stock while Lucknow ranks 1st in upcoming retail supply 

Leading international real estate consultants JLL India today released its latest retail report 'Fuelling the Retail Revolution - The Paradigm of Emerging Cities' in association with the CII National Retail Summit, 2017.

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Highlighting the withdrawal of malls across Tier 1 cities, the report identifies 20 cities including Tier 2 cities such as Lucknow, Jaipur, Chandigarh, Kochi, Patna, BhubaneshwarIndore and Nagpur among the leading cities, as the next retail destinations in the country.

The study bases its findings on key parameters such as total retail stock, upcoming supply, retailer presence, retailer expansion plans and investments. It gives details on various formats of developments that Tier 2 and 3 cities are currently witnessing.

According to the report, the retail sector in Tier 2 and 3 cities has witnessed a much higher investment of USD 6,192 million between 2006 and 2017 as against USD 1,295 million that came to Tier I metro cities during the same period.

Factors like lack of available space in retail malls in metro cities, increasing lease rentals in metro malls, and high land prices in Tier 1 cities have made it difficult for retailers to own real estate in these cities. These factors, the report adds, have become a deterrent for expansion and growth of malls in big cities.

Making a strong case for Tier 2 cities, the report says that factors like international airport connectivity across cities such as Lucknow, Kochi, Bhubaneswar, Nagpur to name a few, rising levels of disposable income have prompted various global and local brands to plan their expansion plans in these cities.

Pankaj Renjhen, Managing Director - Retail, JLL India said, "The retail sector is among the top three employers in the country and its growth will drive the economy of our future cities. Emerging destinations like Lucknow, Jaipur, Chandigarh, Kochi, Indore, Nagpur and Bhubaneshwar are going to be the next big retail hubs. It is for this reason, retailers and private equity firms have started taking an increased interest in Indian retail sector through investments in high-end retail malls in Tier 2 and 3 cities. The report released today presents an overview of this expansion and provides an insight into various trends across the retail development market."

Chandrajit Banerjee, Director General, CII, "India's economic potential lies in the growth of smaller cities that have been witnessing transformation on all fronts - urban housing, infrastructure, offices and retail real estate. Being a key component of this development, retail has the ability to drive future growth and add value to the overall infrastructure of these cities. While there is an opportunity in Tier 2 and 3 cities for this sector, a strong focus is required to build the necessary infrastructure to support the growth. Through our National Retail Summit 2017 and the release of an insightful report, we aim to identify the challenges that may impede the growth and leverage the available opportunities."

Click on the link to download the report 'Fuelling the Retail Revolution - The Paradigm of Emerging Cities'

About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of over 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit 

JLL has over 50 years of experience in Asia Pacific, with 36,900 employees operating in 96 offices in 16 countries across the region. The firm won the ‘World’s Best’ and ‘Best in Asia Pacific’ International Property Consultancy at the International Property Awards in 2016 and was named number one real estate investment advisory firm in Asia Pacific for the sixth consecutive year by Real Capital Analytics and ranked among Fortune Magazine’s World’s Most Admired Companies list third year in a row.

About JLL India
JLL is India’s premier and largest professional services firm specializing in real estate. With an extensive geographic footprint across 11 cities (Ahmedabad, Delhi, Mumbai, Bangalore, Pune, Chennai, Hyderabad, Kolkata, Kochi, Chandigarh and Coimbatore) and a staff strength of 9,300 the firm provides investors, developers, local corporates and multinational companies with a comprehensive range of services including research, analytics, consultancy, transactions, project and development services, integrated facility management, property and asset management, sustainability, industrial, capital markets, residential, hotels, health care, senior living, education and retail advisory.

The firm was awarded the Property Consultant of the Decade at the 10th CNBC-Awaaz Real Estate Awards 2015 and the Best Property Consultancy in India at the International Property Awards Asia Pacific 2016-17. For further information, please visit

Media Contact :
Arun Chitnis
Head - Corporate Communications & Media Relations
JLL India


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