India may see 85 more malls in 5 years

Almost 85 shopping malls are expected to come up in the country over the next five years despite the growing trend of online marketing, according to property consultant Anarock.

“There is so much talk of the death of brick-and-mortar retail as a consequence of the aggressive advent of e-commerce into the country, when the fact is that shopping malls have just got started in India — and they are definitely here to stay,” Anarock Retail MD and CEO Anuj Kejriwal said in a report. Over the next five years, the consultant said that almost 85 malls are expected to come up in India.

Out of 85, more than 30 new malls accounting for almost 14 million sq ft area will open just in the top eight cities by 2020.

Next cycle

Mr. Kejriwal hoped that mall revolution in India will go for next cycle of evolution as real estate developers learn through their experience to find more winning formulas for their malls and also as retailers get more into omni-channel selling.

Explaining why Indian mall story rocks, Mr.Kejriwal said: “Unlike ‘couch potato’ e-commerce shopping, malls offer an experience... a touch-and-feel benefit which online shopping cannot.”

Further, he said that, going to a mall becomes an outing for the family and friends and that too, in an air-conditioned comfort.

“The massive Indian middle class loves this experience and online retail is unlikely to put malls in the shade in India anytime soon,” he said.

However, he said that e-commerce has had an effect on mall business as online portals offer deep discount.

Mr. Kejriwal said that both online shopping and physical retail will continue to coexist in India, without impacting each other too much. He said the cities that had seen maximum malls include the national capital region, Mumbai, Chennai, Bengaluru and Pune.

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Printable version | Oct 18, 2021 1:36:38 AM |

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