oppn parties Ghost Malls: Bleak Future

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  • PM Modi says that if Congress is voted to power in Haryana, the state will face the same financial problems that Himachal is facing under the party's rule
  • Competition Commission of India has said that smartphone majors are colluding with e-commerce firms to exclusively launch products on their platforms in alleged breach of anti-trust laws
  • Supreme Court rules that delay in claiming compensation for land acquisition by the government is no excuse to deny it as it is the duty of the government to pay the compensation.
  • PM Modi said that terrorism was breathing its last in J&K
  • Conbgress has alleged that Sebi chief Madhabi Buch traded in listed securities and invested in China-focused funds during her tnure at the agency
  • India to sing $4bn Predator drone deal with US
  • Union Minister Nitin Gadkari has disclosed that the opposition parties backed him as Prime Minister in place of Narendra Modi but he refused.
  • Noted economist Ajit Ranade removed as VC of Gokhale Institute of Politics & Economics in Pune due to not fulfilling eligibility criteria related to teaching experience
  • Chess Olympiad: Arjun Erigaisi wins his fourth consecutive game
  • Asian Champions Trophy hockey- India beat Pakistan 2-1 in a tough match to remain unbeaten in the group stage. They will meet Korea in the semifinals
  • Davis Cup: S Balaji and R Ramanathan lose, India 0-2 down on first day
  • Delhi Police arrested Sangram Dass, said to be the kingpin of an inter-state new-born baby tafficking racket, from Kolkata after a 1500-km chase
  • NC leader Omar Abdullah alleged that the B|JP was forging secret deals with some regional parties and independents to form the government in J&K
  • Rajasthan Police has devised a Standard Operating Procedure (SOP), as directed by the Rajasthan HC, to help married and live-in couples facing threats from families and others. It icludes helplines and safe houses
  • A 3-storey building collapsed in the busy Transport Nager area in Lucknow killing 8 and injuring 28 others
Junior doctors do not agree to meet Bengal CM Mamata Banerjee without live-streaming of meeting /////// CBI arrests ex-principal of R G Kar College Sandip Ghosh and OC of Tala PS in Kolkata, Abhijit Mondal' for destrcution of evidence in the rape-murder case
oppn parties
Ghost Malls: Bleak Future

By Linus Garg
First publised on 2024-05-10 06:30:09

About the Author

Sunil Garodia Linus tackles things head-on. He takes sides in his analysis and it fits excellently with our editorial policy. No 'maybe's' and 'allegedly' for him, only things in black and white.

Are many malls in India, following the worldwide trend, going to seed? A report by real estate consulting firm Knight Frank, titled "Think India, Think Retail 2024" found that although there was marked improvement in leased space in Grade A and some improvement in the same in Grade B malls, Grade C malls were going to seed, forcing developers to think of demolishing for redevelopment or auctioning them after closing them permanently.

According to the report, there has been a surge of 59% in ghost shopping malls, or malls where leasable space remains unoccupied. But this is happening mostly in Grade C properties as brands on expansion mode are ignoring them for Grade B and more often for Grade A properties. This has meant that while the latter two are performing well, the former is losing out heavily.

Knight Frank says that Delhi, Mumbai and Bengaluru reported an increase in leased shopping space while Hyderabad showed a small decline. But even in these four cities, some malls, which are not positioned well, are showing signs of decay and lower footfalls and lesser conversions are pushing them to the brink of closure.

With online shopping eating into the sales of stores and customers preferring to visit Grade A malls more often, Grade C malls are facing a tough time. It also depends on anchor stores, multiplex and food options, apart from entertainment zones and ease of access. Since all malls look the same and have almost the same brands vying for attention, the larger, well-planned malls have a head start in this regard and those who cannot provide a complete experience to the consumers are increasingly becoming irrelevant.

The scenario as it is unfolding proves that people are visiting malls for a complete experience which includes shopping with large anchor stores, food and entertainment. Any mall that misses these tricks is looking at a bleak future.