Entertainment segment leases up sharply last year

The entertainment segment, which includes cinemas and gaming zones, has taken on lease 0.66 million square feet of retail spaces in 2023 in shopping malls and high-streets across seven major cities

NEW DELHI: The entertainment segment, which includes cinemas and gaming zones, has taken on lease 0.66 million square feet of retail spaces in 2023 in shopping malls and high-streets across seven major cities, a sharp rise from the previous year, according to CBRE.

There has been a 179 per cent annual surge in entertainment segment leasing of retail spaces across 7 Indian cities in 2023 to 0.66 million square feet, from 0.24 million square feet in the previous year, real estate consultant CBRE said in a statement on Tuesday.

The entertainment segment comprises various facilities, including movie theatres, gaming arcades, and children's play areas.

"The entertainment sector's surge in leasing activity reflects evolving consumer preferences," Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, said.

Embracing innovation and sustainability in design and operation is key to maximizing appeal and longevity, he said.

"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," Magazine said.

The consultant noted that this uptick in leasing reflects the evolving leisure preferences post the COVID-19 pandemic.

The entertainment segment experienced impressive growth, with a 9 per cent share of overall retail leasing in 2023, up from 5 per cent in 2022, CBRE said, adding that this indicates growing consumer demand for entertainment experiences within retail spaces.

In 2023, entertainment segment leasing in Bengaluru stood at 0.33 million sq ft, with notable brands like PVR, Bounce Inc, Sky Jumper, and Fun City securing space in retail spaces. The IT city saw leasing of 0.17 million square feet in the previous year.

Chennai saw a leasing of 0.11 million square feet, with brands such as Timezone, PVR, Play ‘N' Learn, NASSAA, LED, Hamleys Play, and Airborne acquiring retail space.

Delhi-NCR recorded a leasing of 0.07 million sq ft, while Mumbai saw a leasing of 0.06 million sq ft with INOX and Cinepolis as notable brands.

Pune witnessed a leasing of 0.05 million square feet, Ahmedabad 0.03 million square feet and Hyderabad 0.01 million square feet. PTI MJH