India’s retail segment is expected to see consolidation with five major players—Nexus, Phoenix, DLF, K Raheja and Lakeshore—positioned to control 60 per cent of the country’s overall mall inventory, according to property consultant ANAROCK.

The first half of 2025 saw 2.8 million sq ft of mall space deployed across India’s top seven cities, a staggering 155 per cent increase from the 1.1 million sq ft recorded in the same period in 2024. Net absorption reached approximately 2.0 million square feet, up 31 per cent year-over-year, driven predominantly by the apparel and food and beverage segments, which together accounted for 55 per cent of total absorption.

Tier-2 cities enter the spotlight

The mall expansion story will also see expansion beyond metro markets. Cities such as Indore, Coimb

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