The Future of Retail Leasing: Why Experience Brands Are Becoming the New Anchor Tenants
By Ajendra Singh, Vice-President of Sales and Marketing, Spectrum@Metro
The role of anchor tenants in shopping malls has undergone a significant transformation over the past decade. Traditionally, department stores, hypermarkets, and multiplexes were considered the primary footfall drivers, occupying large-format spaces and serving as the cornerstone of retail leasing strategies. Today, however, consumer expectations have evolved, and so has the definition of an anchor tenant.
Today’s shoppers, particularly Millennials and Gen Z, are no longer visiting malls solely to shop. They seek experiences that entertain, engage, and encourage longer dwell times. As a result, experience-led brands spanning entertainment, wellness, family recreation, food and beverage, fitness, gaming, and immersive concepts are emerging as the new anchors of modern retail destinations.
For mall developers, this shift is fundamentally changing the way leasing decisions are made. The conversation has moved beyond maximising occupancy to curating a balanced ecosystem where every brand complements another. A thoughtfully curated tenant mix not only attracts visitors but also encourages them to spend more time within the destination, positively influencing spending across categories.
This evolution is particularly evident in emerging retail hubs such as Noida and Greater Noida. Supported by expanding residential catchments, improved infrastructure, and rising disposable incomes, these markets are witnessing a growing preference for destination-led retail. Consumers increasingly expect malls to offer an all-day experience where shopping is seamlessly integrated with dining, entertainment, social interaction, and community engagement.
Consequently, leasing strategies are becoming far more data-driven and consumer-centric. Mall operators are analysing customer movement patterns, dwell time, repeat visitation, and category performance to identify the ideal mix of brands. Rather than relying solely on the rental potential of individual stores, developers are evaluating how each tenant contributes to the overall customer journey and the long-term success of the retail ecosystem.
Experience brands have demonstrated their ability to generate sustained footfalls throughout the week, unlike conventional anchors that often witnessed peak traffic only during weekends or festive periods. Entertainment centres, premium family attractions, experiential dining concepts, gaming arenas, indoor sports facilities, and wellness brands have become consistent traffic generators, benefiting neighbouring retailers through increased cross-shopping opportunities.
Food and beverage has also evolved from being a supporting category to becoming a strategic leasing priority. Premium cafés, artisanal restaurants, themed dining concepts, and gourmet experiences now influence destination choice as much as fashion or electronics. Likewise, wellness and fitness brands have expanded the definition of retail by encouraging consumers to integrate lifestyle activities into their mall visits.
For malls in dynamic markets like Noida, the future of leasing lies in flexibility and continuous reinvention. Retail spaces must adapt to changing consumer behaviour, emerging brands, and evolving lifestyles. Short-term experiential activations, pop-up concepts, direct-to-consumer brands, and digitally native retailers are increasingly becoming part of the leasing strategy, allowing malls to remain fresh and relevant throughout the year.
Ultimately, successful malls will not be defined by the size of their anchor stores but by the quality of experiences they create. The future belongs to destinations where retail, entertainment, wellness, dining, and community engagement coexist seamlessly. In this new era of retail leasing, experience is no longer an added attraction—it is the anchor that drives sustainable footfalls, strengthens brand performance, and ensures long-term value for retailers, developers, and consumers alike.
Disclaimer: Views expressed in this article are those of the author, and not necessarily of Realty&More.
