AHMEDABAD, GUJARAT | 12th OCTOBER 2026 | India’s consumption story is becoming increasingly broad-based, with regional markets demonstrating growing consumer depth, brand appetite and retail potential. Nexus Select Trust, India’s only listed retail-focused Real Estate Investment Trust (REIT), sees Gujarat as an important market in this evolving landscape, supported by its strong entrepreneurial base, wealth creation and increasingly aspirational consumers.
Gujarat, with Ahmedabad and Surat emerging as important consumption centres, offers two distinct perspectives on the evolution of organised retail beyond India’s largest metropolitan markets. While Ahmedabad combines the economic depth of an established business centre with a rapidly evolving consumption landscape, Surat’s growth is being driven by enterprise, wealth creation and a young, aspirational consumer base.
According to Pratik Dantara, Chief Investor Relations Officer and Head of Strategy, Nexus Select Trust, “Gujarat combines entrepreneurship, capital-market awareness and a deeply rooted culture of consumption. That makes it an important market for conversations around organised retail, real estate ownership and the development of REITs as an investment asset class.”
On Ahmedabad, Pratik Dantara said, “Ahmedabad has the economic depth of an established business centre and the consumption characteristics of a rapidly evolving metropolitan market. Its entrepreneurial base and growing appetite for organised retail make it particularly relevant to India’s broader consumption narrative.”
The broader consumption momentum is also reflected in Nexus Select Trust’s portfolio performance. In Q1 FY27, tenant sales grew 17% year-on-year to ₹3,850 crore, while footfalls increased 5% and Net Operating Income grew 11%. The Trust recorded 3.5 crore+ footfalls across its consumption centres during the quarter.
As organised retail expands into a wider set of markets, the role of shopping centres is also evolving. Active leasing, relevant tenant and category mixes, stronger brands and customer-centric experiences are increasingly important to driving footfalls, dwell time and sustainable retail performance.
Nexus Select Trust follows an actively managed approach to its retail portfolio, with a focus on refining tenant mix, introducing relevant categories and brands, re-leasing spaces at appropriate rentals and enhancing the overall customer experience.
Listed on Indian stock exchanges in May 2023 and backed by global private equity major Blackstone, Nexus Select Trust remains focused on creating long-term value through its portfolio of income-generating retail assets and participation in India’s evolving consumption economy.
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