As per latest data available with Anarock Property Consultants of these 85 malls that are under construction, over 30 of them are expected to open just in the top eight Indian cities by 2020.
In the next five years, India is likely to witness opening of 85 new malls.
As per latest data available with Anarock Property Consultants of these 85 malls that are under construction, over 30 of them are expected to open just in the top eight Indian cities by 2020.
“Cities that have seen maximum malls include Gurgaon, Noida, Greater Noida and Delhi in the National Capital Region, Mumbai, Chennai, Bengaluru and Pune. Over the next five years, nearly 85 malls are expected to come up in India, and more than 30 new malls accounting for nearly 14 million square feet area are expected to open just in the top eight cities by 2020,” said Anuj Kejriwal, Managing Director and Chief Executive Officer of Anarock Retail.
Low vacancy levels and high rentals in Tier I cities are now also paving the way for retail expansion in Tier II cities like Lucknow, Coimbatore, Chandigarh, Mangalore and Ahmedabad amongst others.
In fact, sensing immense opportunities and easy penetration into the Indian retail diaspora, overseas retailers are now expanding not just in metros but even tier 2 cities namely Ahmedabad, Chandigarh, Lucknow and Jaipur. This has led to mushrooming of malls all across the country.
According to Kejriwal, it has become increasingly evident that no mall in India today can depend solely on shopping as its prime source of revenue-generation and footfalls. Developers have understood that they need to transform their malls into community spaces to stay relevant to today's far more discerning customers.
“Thus, most malls are striving to become prominent ‘shoppertainment’ locations. Today’s top-performing shopping malls are mixed-use businesses that incorporate social entertainment options, provide unique appeal along with certain depth in the shopping experience, and are in prime locations that are easily accessible by both public and private transport,” he said.
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