New Delhi [India], February 20 : Coldwell Banker Richard Ellis (CBRE) South Asia Pvt. Ltd, India's premier real estate consulting firm, has reported a staggering 179 per cent year-on-year surge in entertainment segment leasing across 7 major Indian cities in 2023.
According to a press release, this significant uptick in leasing activity, totaling 0.66 million square feet, underscores the evolving leisure preferences observed in the post-COVID-19 era.
The entertainment segment encompasses a wide array of facilities, including movie theatres, gaming arcades, and children's play areas, catering to the burgeoning demand for immersive leisure experiences.
The surge in entertainment segment leasing has been a standout feature of the retail real estate landscape, capturing a 9 per cent share of overall retail leasing in 2023, up from 5 per cent in the previous year.
This uptrend signifies a notable shift in consumer behaviour, with individuals increasingly seeking entertainment options within retail spaces, signalling a departure from traditional shopping-centric activities.
The heightened footfall in malls has translated into increased patronage for entertainment zones such as gaming arcades and clubs, contributing to a robust absorption rate within the entertainment sector.
The resounding return to normalcy in urban centres in 2023, following the relaxation of COVID-19 protocols, rekindled enthusiasm among the populace for leisure activities, particularly the immersive experience of watching movies on the big screen.
This renewed interest coincided with a strategic response from the film industry, which unveiled a slate of blockbuster releases, including Gadar-2, Jawan, KGF, Pathan, RRR, and Animal, among others.
The release of these highly anticipated films catalysed a notable surge in theatre attendance, revitalising the entertainment landscape.
In 2023, entertainment segment leasing witnessed remarkable growth across key cities. Bangalore emerged as a frontrunner with leasing activity totaling 0.33 million square feet, featuring prominent brands such as PVR, Bounce Inc., Sky Jumper, and Fun City securing retail spaces.
Chennai followed suit with leasing amounting to 0.11 million square feet, with notable brands including Timezone, PVR, Play 'N' Learn, NASSAA, LED, Hamleys Play, and Airborne entering the market.
Delhi-NCR recorded leasing of 0.07 million square feet, with PVR and Timezone among the leading brands. Mumbai, Pune, Ahmedabad, and Hyderabad also witnessed robust leasing activity, underscoring the widespread appeal of entertainment offerings across diverse urban landscapes.
Anshuman Magazine, Chairman and CEO, India, Southeast Asia, Middle East & Africa, CBRE, emphasised the evolving consumer preferences driving the surge in entertainment leasing.
He stressed the importance of embracing innovation and sustainability in design and operations to enhance appeal and longevity.
Magazine said, "The entertainment sector's surge in leasing activity reflects evolving consumer preferences. Embracing innovation and sustainability in design and operation is key to maximising appeal and longevity. Technology like digital ticketing and immersive experiences, alongside sustainable infrastructure, not only attracts visitors but also reduces costs and environmental impact. Collaborations with entertainment brands can further differentiate spaces and drive footfall."
Bimal Sharma, Executive Director & Head - Retail, CBRE India, highlighted the critical role of vibrant and sustainable destinations in ensuring customer satisfaction and success in the evolving market landscape.
Sharma said, "Prioritising customer satisfaction through vibrant and sustainable destinations will be key to success in this evolving market. We have seen a notable increase in foot traffic to entertainment zones, indicating a strong desire for shared entertainment experiences, and people are now seeking out experiences that bring them together."
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