NEW DELHI: India’s retail revolution is moving beyond its metros, with smaller cities fast emerging as powerful growth engines for the country’s retail real estate sector. According to Cushman & Wakefield’s Q3 2025 Retail Market Beat, leasing volumes in Tier II and Tier III cities have surged this year, signalling strong retailer confidence and shifting consumer behaviour.

The Colliers-CII report, “Real Estate @ 2047: Building India’s Future Growth Corridors,” also supports this shift. It projects India’s real estate market could touch USD 10 trillion by 2047, with a major share of future retail development expected in these smaller cities.

The combination of rising incomes, better infrastructure, and increased brand reach is driving this expansion. Consumers in these cities are spending

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