Inside Delhi's ghost malls
Business Standard|May 29, 2024
A shadow of their former selves, these shopping centres are struggling to stay relevant
- RISHIKA AGARWAL
Inside Delhi's ghost malls

A midst the bustling urban landscape of South Delhi, a once-vibrant shopping hub now lies desolate, a haunting reminder of its former glory. Spanning 35 acres, Ansal Plaza, one of the oldest malls in the region, today echoes with emptiness.

Located in Andrews Ganj, it opened in 1999, and for years, it drew hundreds of people to its three-storey Shoppers Stop on weekdays and weekends alike.

You had to be lucky to find a table at its McDonald's outlet. Young couples, groups of friends, and families with children sitting on the steps of its amphitheatre, with ice-cream cones or crispy corn cups, were a common sight. Not anymore.

Ansal Plaza's decline paints a grim portrait of neglect, and hints at a larger trend plaguing several shopping centres across the country. The plaza shares its plight with many other shopping centres across the Delhi National Capital Region (NCR), which have come to be called "ghost malls" - those with more than 40 per cent of retail space vacant.

The Grand Venice Mall in Noida, with its Italian aesthetic, stands as another striking example. Its gondola rides, bowling alleys, and snow-themed parks are no longer the draw they once were. Similarly, the JMD Kohinoor Mall in Greater Kailash struggles to find its place amidst shifting consumer preferences. According to a recent report by Knight Frank, a real estate consultancy firm, ghost shopping centres increased by 59 per cent in 2023 compared to the year before. Delhi NCR has the largest share of such shopping centres among Tier 1 cities, with 5.3 million square feet (msf), up 58 per cent from 3.4 msf in 2022. The decline of these malls is a result of various factors, including oversaturation, changing consumer behaviour, poor management, strata ownership, and obsolete design or concept.

この蚘事は Business Standard の May 29, 2024 版に掲茉されおいたす。

7 日間の Magzter GOLD 無料トラむアルを開始しお、䜕千もの厳遞されたプレミアム ストヌリヌ、9,000 以䞊の雑誌や新聞にアクセスしおください。

この蚘事は Business Standard の May 29, 2024 版に掲茉されおいたす。

7 日間の Magzter GOLD 無料トラむアルを開始しお、䜕千もの厳遞されたプレミアム ストヌリヌ、9,000 以䞊の雑誌や新聞にアクセスしおください。

BUSINESS STANDARDのその他の蚘事すべお衚瀺
Low valuation sparks interest in IndusInd
Business Standard

Low valuation sparks interest in IndusInd

Analysts believe worst may be over for lender after sombre Q2 results

time-read
2 分  |
November 13, 2024
Demand, margin gains ahead for UPL
Business Standard

Demand, margin gains ahead for UPL

Agrochemicals manufacturer UPL reported a muted quarter as operating profit remained flat on a year-on-year (Y-o-Y) basis, due to a price decline (down 7 percent Y-o-Y) and surplus capacity in China.

time-read
2 分  |
November 13, 2024
Business Standard

Exchanges roll back direct payout of securities to client accounts

The National Stock Exchange (NSE) and BSE on Tuesday announced rollback of the direct payout of the securities to client demat accounts—which was enabled on November 11.

time-read
1 min  |
November 13, 2024
Swiggy makes market debut today
Business Standard

Swiggy makes market debut today

Shares of food delivery major Swiggy will make stock market debut on Wednesday following its ₹11,327 crore initial public offering (IPO), second biggest this year and sixth-largest to hit the domestic market.

time-read
1 min  |
November 13, 2024
NTPC Green Energy IPO eyes $12 bn Valuation
Business Standard

NTPC Green Energy IPO eyes $12 bn Valuation

NTPC Green Energy Ltd is considering seeking a valuation of about $12 billion in what could be one of India's biggest initial public offerings (IPO) in the renewable energy industry, according to people familiar with the matter.

time-read
1 min  |
November 13, 2024
Sebi simplifies process for registration of certain FPIs
Business Standard

Sebi simplifies process for registration of certain FPIs

Abridged version of application form to be available in 3 months

time-read
1 min  |
November 13, 2024
11 of 17 Nifty sector indices in correction mode
Business Standard

11 of 17 Nifty sector indices in correction mode

As many as 11 of 17 frontline Nifty sector indices are in 'correction' mode with energy, auto and central public sector enterprises (CPSE), consumption, and fast-moving consumer goods (FMCG) suffering the most in the recent market fall, according to data.

time-read
2 分  |
November 13, 2024
Nifty falls to near 5-month low
Business Standard

Nifty falls to near 5-month low

Earnings disappointment and foreign outflows continue to weigh on markets

time-read
2 分  |
November 13, 2024
BITING THE BULLET
Business Standard

BITING THE BULLET

The Bullet Train has been a 'dream project'. Can it become a reality anytime soon?

time-read
5 分  |
November 13, 2024
Business Standard

India to be among top 3 or 4 mkts for Siemens in 3 years

Country now contributes 3.5-4% to the firm's revenue

time-read
2 分  |
November 13, 2024