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The entertainment sector in India experienced a remarkable surge in retail space leasing, with a 179% year-on-year growth reported in 2023. This sector, covering movie theaters, gaming arcades, and children's play areas, saw a doubling of space uptake, reaching a total of 660,000 square feet compared to 240,000 square feet in the previous year. Analysts attribute this rise to a growing preference among people for shared experiences and leisure activities, indicating a shift in consumer behavior.
According to CBRE data, the entertainment segment claimed a notable share of overall retail leasing, increasing from 5% in 2022 to 9% in 2023. Across seven major cities in India, the entertainment sector witnessed significant leasing activity. In Bengaluru, brands like PVR, Bounce Inc, Sky Jumper, and Fun City secured a substantial 330,000 square feet of retail space. Chennai followed with a leasing of 110,000 square feet, and Delhi-NCR recorded 70,000 square feet leased out, with prominent brands like PVR and Timezone among the lessees.
Other cities also contributed to this trend, with Mumbai leasing 60,000 square feet, Pune 50,000 square feet, Ahmedabad 30,000 square feet, and Hyderabad 10,000 square feet. Comparatively, in 2022, Bengaluru's entertainment sector leasing stood at 170,000 square feet, Delhi-NCR at 60,000 square feet, and Chennai at a mere 4,000 square feet, highlighting the significant growth witnessed in just one year.
Overall, the surge in leasing activity within the entertainment sector reflects evolving consumer preferences and the increasing importance of entertainment experiences within retail spaces. This growth is driven by a combination of factors including technological advancements, sustainability efforts, and collaborations with entertainment brands. As people continue to prioritize shared experiences and leisure activities, the entertainment sector is set to witness further expansion and innovation to meet consumer demand effectively.
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