Nitin Bir, VP & Head – Retail Leasing, Marketing, Operations & Asset Management, BGRE (formerly Brookfield Properties), on why India’s retail real estate is shifting from leasing space to curating experience-led destinations as brands and consumers demand more from physical retail
India’s retail real estate market is undergoing a fundamental shift. As consumers increasingly look beyond transactions towards experiences, retailers are becoming more selective about where and how they establish their physical presence. At the same time, the rise of luxury, fashion, F&B and experiential formats is pushing developers to rethink traditional leasing models.
In this interaction with BusinessWorld, Nitin Bir, VP & Head – Retail Leasing, Marketing, Operations & Asset Management, BGRE discusses the evolution of retail leasing, changing consumer expectations, the growing importance of mixed-use destinations and the company’s strategy for building experience-led retail ecosystems in India.
BGRE (formerly Brookfield Properties) has emerged as a preferred destination for premium retailers. How has your retail leasing strategy evolved over the years, and what has been the biggest milestone in this journey?
Retail leasing today is significantly more sophisticated than it was a few years ago. Historically, leasing decisions were largely driven by location attributes, frontage and footfall. Today, leading retailers evaluate a much broader set of factors, including catchment quality, consumer demographics, dwell time, sales productivity potential and alignment with their long-term market expansion strategies.
As consumer expectations continue to evolve, retail destinations must generate repeat visitation and sustained engagement rather than simply attracting first-time footfall. This shift has fundamentally changed how brands assess physical retail environments and, in turn, how we approach leasing strategy.
Our focus has moved beyond individual store transactions to creating a carefully curated merchandising ecosystem. We place significant emphasis on tenant mix optimisation, category adjacencies and the integration of retail, dining and experiential offerings to enhance consumer engagement and increase dwell time. A well-balanced retail environment not only improves customer experience but also supports stronger trading performance for our retail partners.
One of the most significant milestones in our journey has been the recognition of retail as a strategic pillar within mixed-use developments, rather than an ancillary component. Assets such as WorldMark Gurugram, WorldMark Aerocity and The Bay within Ecoworld exemplify this philosophy, where retail is conceived as an integral part of the destination from the planning stage itself.
Looking ahead, we believe successful retail leasing will be defined less by the volume of space leased and more by the ability to create differentiated, experience-led destinations that remain relevant over the long term.
Retail leasing has witnessed strong momentum despite changing consumer behaviour. What are the key trends you are seeing across categories such as luxury, fashion, F&B and experiential retail, and how are these shaping leasing decisions?
One of the most defining trends today is the evolution of consumer expectations. Shoppers increasingly seek destinations where retail, dining, entertainment and social experiences converge, creating a holistic lifestyle proposition rather than a purely transactional shopping journey.
As a result, the physical store has evolved beyond its traditional role as a point of sale. It now serves as a platform for brand discovery, customer engagement, experiential activation and omnichannel integration. This evolution is influencing both retailer expansion strategies and leasing decisions across the industry.
The trend is evident across categories. Luxury retailers are investing in highly personalised and immersive brand environments that reinforce exclusivity and deepen customer relationships. Fashion brands, both international and domestic, continue to expand their brick-and-mortar presence, recognising the critical role physical stores play in brand building, customer acquisition and market visibility.
Simultaneously, digitally native and homegrown brands are increasingly leveraging physical retail to strengthen consumer trust and accelerate market penetration.
Food and beverage continues to be a key driver of visitation frequency and dwell time, while experiential concepts across entertainment, wellness, fitness and gaming are becoming increasingly important contributors to destination appeal.
Consequently, our leasing strategy is centred on developing a balanced and complementary merchandising mix that drives sustained consumer engagement and ensures the long-term relevance of our assets.
Can you share insights into BGRE (formerly Brookfield Properties)’s retail portfolio performance? How have occupancy levels, leasing volumes and rental revenues evolved over the past year, and what are your growth targets going forward?
While we do not disclose specific commercial metrics, we continue to witness strong demand from both domestic and international retailers across a diverse range of categories. This sustained interest reflects the confidence brands place in professionally managed, experience-led retail environments and in the long-term fundamentals of India’s organised retail sector.
Importantly, our assessment of portfolio performance extends beyond conventional occupancy metrics. We place equal emphasis on tenant quality, category diversification, consumer engagement, dwell time and overall asset productivity. These indicators provide a more comprehensive perspective on long-term value creation and portfolio resilience.
Looking ahead, our focus remains on enhancing the quality of the retail experience through the introduction of differentiated concepts, continuous tenant mix optimisation and strategic asset repositioning where appropriate.
We believe the next phase of growth in retail real estate will be driven by improving sales productivity and consumer engagement within established destinations, rather than simply increasing retail inventory.
What are BGRE’s expansion plans for its retail business? Are you looking at new retail destinations, mixed-use developments or strategic partnerships to strengthen your presence in India?
India continues to present a compelling long-term growth opportunity for organised retail, supported by urbanisation, rising disposable incomes and evolving consumption patterns. We believe the sector’s future growth will increasingly be driven by integrated, mixed-use destinations that seamlessly connect retail, workplaces, hospitality and community experiences.
Our strategy is not centred on developing retail space for its own sake. Instead, we are focused on creating destination ecosystems that become embedded within consumers’ daily lives. Mixed-use developments offer a significant competitive advantage in this regard, generating consistent activity throughout the day and fostering stronger consumer engagement.
As part of this approach, we continue to strengthen our retail platform through a portfolio of differentiated destinations, including assets such as The Bay at Ecoworld, Waterstones and Baytown, each designed to serve distinct catchments and consumer needs. We will also continue to evaluate opportunities that align with our long-term investment philosophy and demonstrate sustainable demand fundamentals.
Ultimately, our objective is to build commercially resilient, experience-led retail destinations that evolve alongside changing consumer expectations. We believe the future of retail real estate will be defined not by the quantity of new developments, but by the strength of the ecosystems and consumer experiences they create.
With global brands entering India and domestic retailers scaling rapidly, how do you see the Indian retail real estate market evolving over the next five years, and what role will BGRE play in driving this growth?
India’s retail real estate sector is entering a period of sustained structural expansion, supported by favourable demographic trends, rising household incomes, urbanisation and growing consumer aspirations. These factors are creating significant opportunities for both international entrants and domestic retailers seeking scalable growth platforms.
At the same time, retailers are becoming increasingly selective in their expansion strategies. Site selection decisions are now influenced not only by footfall but also by catchment quality, customer engagement potential, occupancy efficiencies and long-term sales productivity. As a result, destinations that deliver superior consumer experiences and stronger commercial outcomes will be best positioned to capture demand.
Over the next five years, professionally managed mixed-use developments are expected to play a central role in the evolution of the sector. Physical stores will continue to evolve beyond transactional formats, becoming important touchpoints for brand discovery, community engagement, experiential retail and omnichannel fulfilment.
For BGRE (formerly Brookfield Properties), the opportunity lies in continuing to create integrated destinations where retail, office, hospitality and community spaces work together to deliver a compelling customer experience.
Our focus will remain on curating high-quality retail environments, enhancing asset productivity and supporting retailer growth through destination-led ecosystems.
Ultimately, success in retail real estate will not be measured by the amount of space developed, but by the long-term relevance, resilience and performance of the destinations we create. That is where we believe the industry’s greatest opportunity lies, and it will continue to guide our strategy.
