Shopping malls are the lifeline of the modern retail industry. Despite the stories of ghost malls, empty stores and negligible footfalls doing the rounds, the fact of the matter is that retail in the country is thriving and with it are prospering shopping centres.
The great Indian shopping mall boom began innocuously enough in the early 2000s, with just three malls in existence in the entire country. Nineteen years later, the number has mushroomed to a whopping 650 malls, enabled by the fact that the Indian audience discovered clean, vibrant, climate-controlled and technology-enabled malls, replete with a plethora of brands.
The shopping centre industry in the country took a hit with the advent of e-commerce in the early 2000s and then the due to the effects of recession of 2007-2008, the economic slowdown, demonetisation, FDI rules as well as the coming of GST. There even came a time when developers were forced to shut down ‘dead’ or ‘ghost’ malls.
Despite the hurdles, investment firms saw India as a gold mine and mall developers did not lose focus, working doubly hard to ensure that their footfalls didn’t go down. Instead, the shopping mall culture has well and truly gripped the nation. In fact, as per an ANAROCK report, more than 30 new shopping malls covering nearly 14 million sq. ft. of area are expected to come up across top eight cities by 2020.
As far as Indian shopping mall industry is concerned, the year 2019 was a good and successful one. Developers started building new and improved malls for appreciating audiences. Today, all cities –Tier I, II or III – have malls, not just market complexes. Big players like Pacific and Vegas added new malls to their portfolio and many more are on verge of opening new malls.
Rise of Tier II City Malls
Diese Geschichte stammt aus der December 2019-Ausgabe von Shopping Centre News.
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Diese Geschichte stammt aus der December 2019-Ausgabe von Shopping Centre News.
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