Lucknow, Uttar Pradesh, tops Tier 2 cities in India with a substantial 5.7 million square feet of gross leasable area (GLA) for shopping centres, surpassing Kolkata and Ahmedabad. Knight Frank India's survey reveals Lucknow's 5% share of the national retail stock and an 18.4% share of Tier 2 cities' GLA. With a density of 1,439 square feet per thousand people and over 580 retail stores, the city blends local and international brands, driven by growing demand and improved infrastructure. Abhishek Sharma from Knight Frank emphasizes Lucknow's role as a retail hub, aligning with India's expanding Tier 2 city market.
Lucknow, the capital city of Uttar Pradesh, is emerging as a significant player in the retail space, leading Tier 2 cities in India with the largest gross leasable area (GLA) for shopping centres. A recent report by Knight Frank India reveals that Lucknow boasts a GLA of 5.7 million square feet, surpassing other major cities such as Kolkata and Ahmedabad. This milestone positions Lucknow as a growing hub for retail and commercial activities in the region.
The research was conducted through a survey of 340 shopping centres across 29 cities, including 21 Tier 2 cities. According to the findings, Lucknow contributes 5% to the national total of 125.1 million square feet of shopping centre stock. Notably, it ranks seventh in the country in terms of GLA, as well as holding a significant 18.4% share of the total 30.8 million square feet of GLA among Tier 2 cities. This statistic indicates that Lucknow is not just keeping pace but is also setting benchmarks in retail development.
One of the most intriguing aspects of this growth is the shopping centre density in Lucknow, which stands at 1,439 square feet per thousand people in 2023. This number reflects the city's capacity to support a variety of retail outlets. Currently, over 580 retail stores operate within its shopping centres, with around half of those being Indian brands, while international brands are also well represented. This blend of local and global retail offerings caters to a diverse consumer base and enhances the shopping experience in the city.
Abhishek Sharma, Senior Director of Retail Agency at Knight Frank India, highlighted the economic role of Lucknow as a driving force in Uttar Pradesh. He noted the increasing demand for retail real estate in the city, driven by a burgeoning population that aspires for more shopping and entertainment options. The rapid urbanization and the rise in disposable incomes among residents have also fuelled this demand.
Moreover, the city's growing infrastructure, including improved transport links and urban development initiatives, is expected to further boost retail opportunities. With projects aimed at enhancing connectivity and public services, Lucknow is becoming more accessible to both consumers and businesses. The influx of national and international brands into the city's shopping landscape signifies a shift towards modern retail, aligning with the aspirations of its residents.
Lucknow's retail growth is paralleled by India's overall trend of expanding opportunities in Tier 2 cities. As urban areas evolve, many are witnessing a surge in shopping centres that cater to changing consumer preferences. This trend is key to driving economic activity not just in Lucknow, but across various regions in the country.
In conclusion, Lucknow's achievement of the highest GLA in shopping centres among Tier 2 cities reflects its potential as a retail powerhouse. With its strategic location, growing population, and burgeoning economy, the city is well-positioned to continue attracting retail investments. As shopping centers further expand and diversify, they are set to play a central role in shaping the urban landscape of Lucknow, offering its residents an enhanced shopping experience and contributing to the state's overall economic growth.
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