Mall culture, in the Indian context, is steadily gaining momentum. 100 new malls spanning over 49 mn sft are scheduled to come up in Indian cities by the end of 2022. Of the total new mall supply, the top 7 cities alone will see 69 new malls spread over 35.5 mn sft area. The remaining 31 malls over 13.5 mn sft will come up in tier 2 & tier 3 cities such as Ahmedabad, Lucknow, Indore, Surat and Nagpur, among others.
A recent research by Anarock Retail reveals that despite low consumer spending in recent times, mall developers remain bullish on the growth potential of organized retail. “2019 was defined by significantly lower retail leasing, so this generous new upcoming mall supply over the next three years testifies to the confidence of private equity investors in Indian retail's pent-up potential," said Anuj Kejriwal, MD & CEO - Anarock Retail.
A geographical segmentation of the new mall supply throws up interesting insights. Cities in west and south India will see almost equal new supply. West India will get 36 new malls over 17.5 mn sft area, followed closely by South India with 35 new malls over nearly 17 mn sft. Likewise, North India will see a supply of 22 new malls spanning over 11 mn sft area and East India will see a modest supply of 7 new malls spread over approx. 3.5 mn sft.
Tier 1 City Mall Supply
• MMR tops out with 18 new malls spanning 7.8 mn sft
• NCR comes next with 13 new malls spread over 7.5 mn sft
• Hyderabad will see the launch of 12 new malls over more than 4 mn sft
• Bengaluru and Chennai will see an infusion of 10 and 9 malls respectively, together accounting for 10.8 mn sft
• Pune and Kolkata will see 4 and 3 new malls added respectively
The projected growth in tier 2 and tier 3 cities is what will fuel the new mall supply. Markets such as Ahmedabad, Lucknow, Nagpur and Indore are seeing high demand from retailers. Among the tier 2 & 3 cities, Ahmedabad stands out with as many as 6 new malls slated to come up in the city by 2022 - end. These new malls will be spread over 3.2 mn sft. Both domestic and international brands are gung-ho on Ahmedabad; besides scoring high on consumerism, they city has a growing young population of entrepreneurs, IT professionals and factory employees.
Lucknow presents a similar picture and has plans for 4 new malls to be added by 2022- end. The western cities of Surat and Nagpur will see new supply of 2 malls each spread over 0.7 mn sft and 0.85 mn sft.
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