In a retrospective mood, I tried to delve into the history of Indian shopping centres. It was the early 2000s that the first few malls emerged on the Indian horizon. The following years witnessed the growth of malls followed the migration of the population out of cities towards suburbs, along with the growth of automobiles. With the explosion of the suburban population by 43 percent between 2000-2010, commercial developers began constructing more and more shopping centres.
Over the years developers kept trying to find the “right” model for the shopping centres and staggered between leased, hybrid or sold models. The journey was interrupted by many roadblocks, such as economic depression, government policies, e-commerce etc., whereby the confidence of the mall developers swayed like a pendulum. At times, there were situations where the future of the entire mall industry at stake. But the industry refused to be written off and instead learnt to evolve!
The Year Brought Back the Faith in Brick & Mortar
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