Prestige Group Targets Mumbai and Goa for Mall Expansion Amid Retail Upswing

Prestige Group Targets Mumbai and Goa for Mall Expansion Amid Retail Upswing

Prestige Group is actively pursuing opportunities to establish malls in prime locations such as Goa and Mumbai, indicating a strategic move to tap into high-potential markets. While presently managing four malls in Bengaluru and Kochi, Prestige Group has outlined plans to develop an additional eight malls in various phases, extending its footprint to cities like Chennai and Hyderabad. Read the key highlights of the news below on SURFACES REPORTER (SR):

Despite previous divestments, Prestige Group is set to revitalize its mall portfolio, showcasing a renewed commitment to the retail sector and an eagerness to meet the evolving demands of post-pandemic consumers.

Ambitious Scale of Development

The company plans to develop over 13 million square feet of retail space within the next 3-4 years, a significant increase from the 8 million square feet achieved in the preceding two decades, signaling ambitious growth and expansion goals.

Focus on Comprehensive Shopping Experiences

Prestige Group's expansion aligns with consumer preferences for comprehensive shopping experiences, as it envisions the development of eight additional malls in cities like Chennai and Hyderabad, reflecting a commitment to meeting diverse consumer needs.

Opportunistic Timing and Market Demand

The renewed emphasis on retail development comes at a time when organized retail constitutes only around 13 percent of India's total retail landscape. With the recent inauguration of Jio World Plaza, there is a significant market opportunity for Prestige Group to meet the escalating demand for malls, especially as brands seek more expansive retail spaces.

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