New Delhi: Indias retail sector under the Narendra Modi government is currently shining while the shopping malls in Western countries are witnessing a major turmoil. As per real estate consultancy firm Anarock Indias retail sector has seen a strong revival while around 1200 mall stores in the United States have closed since 2020. Due to the growing number of vacant malls nearly 40 percent of malls are either being rezoned or repurposed for other uses. In India strong consumption trends and rising investor interest have led to renewed momentum in the retail sector. According to Anarock Group CEO Anuj Kejriwal Indian shopping malls are expected to attract more than USD 3.5 billion in investment over the next three years. Here are some of the key details: Over 88 foreign brands have already entered the Indian retail market and are keen to expand rapidly. Several more global brands are in the pipeline and are actively seeking space in existing Grade-A properties which are currently in very limited supply. Anarock stated that the supply of organized retail space in India is still quite limited. Compared to countries like the US and China India has the lowest per capita retail stock. Along with India’s per capita income nearly doubling over the past decade is creating a demand–supply gap that is rarely seen anywhere else in the global retail landscape. Kejriwal noted that premium malls are operating at almost full capacity with occupancy levels ranging from 95 to 100 percent. Rental growth has also surpassed pre-pandemic levels. Developers are now seeing the leasing cycle outpacing the construction cycle. Indian malls are no longer just shopping spaces; they have evolved into multi-purpose destinations used for a variety of activities. Anarock highlighted how resilient Indian retail remains despite the growing influence of e-commerce. In India online retail penetration is around 8 percent which is significantly lower than the more than 20 percent level seen in the US and China.