The entertainment industry, which includes movie theaters, gaming arcades, and children’s play facilities, will double in size by 2024, as individuals devote more time and money to leisure and activities. 

This segment’s total space usage increased to 660,000 in 2023, up from 240,000 square feet the previous year. 

According to CBRE statistics, the entertainment category showed exceptional growth, accounting for 9% of total retail leasing in 2023, up from 5% in 2022, demonstrating rising consumer demand for entertainment activities in retail locations.

“Technology such as digital ticketing and interactive experiences, along with sustainable infrastructure, not only attract guests but also lower expenses and environmental effect. Collaborations with entertainment companies may help to distinguish locations and generate foot traffic,” said Anshuman Magazine, CBRE’s Chairman and CEO for India, South-East Asia, the Middle East, and Africa.

The increasing traffic in malls translated into more visits to other entertainment venues such as gaming arcades and clubs.

Following the removal of COVID-19 procedures, major cities returned to normalcy in 2023. A series of blockbuster successes, including Gadar-2, Jawan, KGF, Pathan, RRR, Animal, and others, recovered cinema demand, which had been mostly subdued in the first half of 2023.

Thriving Entertainment Landscape: Bangalore’s 2023 Leasing Trends

In 2023, the entertainment industry leasing in Bangalore was at 330,000, with significant businesses such as PVR, Bounce Inc, Sky Jumper, and Fun City obtaining retail space. 

“We have seen a notable increase in foot traffic to entertainment zones, indicating a strong desire for shared entertainment experiences, and people are now seeking out experiences that bring them together,” said Bimal Sharma, Executive Director & Head – Retail, CBRE India.

Explore Exceptional Entertainment Spaces in Gurugram. Invest with Urban Plus today!

Source : Economic Times