Apparel and F&B together now account for 54% of all retail leasing (about 2 million square feet) in H1 2025 across the top 7 cities, up from 37% in 2023, according to the most recent ANAROCK analysis.
Anuj Kejriwal, CEO and MD of ANAROCK Retail, noted that while apparel remains the leading category in retail leasing, its individual share has declined from 42% in FY ’19 to 37% in FY ’25 and is projected to drop further to 32% by FY ’30.
The decline in lease share for apparel companies is similar to that of other value-buying categories, such as hypermarkets. They are up against fierce competition from e-commerce, which is made worse by rapid commerce’s increasing popularity. Nearly 33% of the net retail absorption of over 2 million square feet in the top 7 cities in H1 2025 was leased by apparel brands.
