Mumbai’s rising consumer spending is expanding opportunities for domestic brands to scale whilst also drawing in international retailers that see strong demand in the city and are competing for prime retail locations, according to JLL’s Asia Pacific Retail Market Dynamics report. Retail leasing in Q4 of 2025 fell 24% QoQ, but overall activity across malls and high streets remained strong. On a yearly basis, leasing surged about 82% YoY compared with 2024. International retailers showed increasing interest, particularly in luxury, fashion, and beauty categories. Total mall stock stood at 15.5mn sq ft (1.44mn m2) by Q4 2025. Strong demand in established premium malls pushed vacancy down around 30 basis points QoQ and 230 basis points YoY. Rents rose 1.6% QoQ, contributing to an 11% annual increase for 2025, reflecting steady growth throughout the year.
