COVID-19 continues to impact economies worldwide, severely hitting businesses and services. As several cities and countries observe absolute lockdown, strong ripple effects are shaking shopping centres across the world. Meanwhile, one of the most successful shopping centres in India, Select CITYWALK, believes that there lies an opportunity in every crisis and is hopeful that the Indian retail sector will embark on a different growth trajectory in the years to come.
Speaking exclusively to Shopping Centre News, Yogeshwar Sharma, Select Infrastructure Pvt Ltd talked about how Select CITYWALK is trying to overcome the impact of COVID-19 and a lot more:
What has been the impact of Coronavirus on India’s shopping centre industry?
The impact of COVID-19 is an unprecedented global phenomenon across human lives as well as businesses. While we are in lockdown, it is given that only essential services will work, till we flatten the curve. Shopping centers, which are public spaces, now adhere to government guidelines and are only open for essential services. It will take time for things to normalize and for the public to return to their favorite malls.
Both domestic and global brands may re-strategize their expansion plans, as business will be impacted for a significant part of coming year.
COVID-19 outbreak has added enormous pressure to an already delicately poised Indian retail sector. New completions will be deferred, leasing activity might be delayed, rentals may come under pressure, and vacancies may see a momentary rise and the sector’s overall growth rate will be slowed down.
What steps is Select CITYWALK taking to move ahead of the curve?
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