India is more likely to open 85 new malls in the coming five years.
According to the latest data provided by Anarock Property Consultants of these new shopping malls that are under construction, more than 30 of these malls are predicted to open in the top 8 cities of India by 2020.
The Managing Director and Chief Executive Officer of Anarock Retail, Anuj Kejriwal stated, “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.”
Moreover, the high rentals and low vacancy levels in Tier I cities are also suggesting to pave the way for retail expansion in Tier II cities such as Chandigarh, Coimbatore, Mangalore, Lucknow and Ahmedabad. Even the plentiful of vacancies and opportunities in Tier II cities are also attracting overseas retailers. It is also one of the reasons for the increase in the number of malls all across the nation.
Kejriwal also says that it is clear now that the revenue-generation and footfall of any mall in India cannot depend solely on shopping. Creators and builders have understood that they need to convert their malls into community spaces to keep themselves up to stay relevant to today's discerning clients. That is the reason why many malls endeavour to become ‘shoppertainment’ locations.
He further says, “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.”