Q4 2025: Hypermarkets, jewellery brands drive retail leasing in Kolkata

Kolkata: Retail leasing activity in Kolkata stood at around 52,000 square feet during the fourth quarter of 2025, registering an 8% year-on-year decline, according to a report by Cushman & Wakefield.

Despite the moderation, main streets continued to dominate retail leasing, accounting for nearly 83% of total space absorption in the October–December quarter. Key high-street locations such as Camac Street and Theatre Road in the central business district and Sreerampore in the south-west peripheral zone recorded space take-up by hypermarkets, fashion, accessories and lifestyle brands, with jewellery emerging as a significant driver.

Mall leasing activity registered quarter-on-quarter growth, with prominent properties, including Forum Mall, Mani Square and Avani Riverside Mall, witnessing

fresh occupancies.

Segment-wise, hypermarkets accounted for 35% of leasing activity in Q4, followed by accessories and lifestyle brands at 31%, including large jewellery retailers, and fashion brands at 29%, the report said.

For the full year 2025, total retail leasing volumes in Kolkata stood at approximately 0.2 million square feet, with main streets contributing around 88% of overall absorption. The fashion segment led annual leasing with nearly 39% share, followed by hypermarkets at 25% and food and beverage outlets at 12%. On the supply side, no new malls were completed in Kolkata during the past 12 months, resulting in continued tight availability of premium

retail space.

The report noted that two malls are scheduled for completion in 2026, which may partially ease supply constraints. Vacancy levels in Grade A malls declined marginally by 10 basis points to 2.4%, remaining extremely tight. Quoted mall rentals remained unchanged on a quarter-on-quarter basis.

Among high streets, rentals at Park Street and Camac Street remained stable, while Theatre Road and Elgin Road recorded marginal quarterly growth. Locations such as VIP Road, Kankurgachi and Shyambazar witnessed 1–2% rental appreciation during the quarter.