Shopping malls set to grow, not only in numbers but also in size
in Property Time |Property News !
Fri Dec 27, 2013 5:27 am
• 34 Posts
NEW DELHI: Malls in India are getting bigger as developers are focusing on projects that can accommodate more shoppers and offer various facilities under one roof. The average size of malls is likely to increase to 470,000 sq ft in 2015 from around 380,000 sq ft now, according to a study by property advisory firm Jones Lang LaSalle (JLL).
Total shopping-mall space across India's top-seven cities is also expected to grow by more than 25% to 95.7 million sq ft in 2015 from 76 million sq ft in 2013. As of now, Delhi and Mumbai together account for 62% of the total mall space in India, with Bangalore and Chennai coming second with a combined share of around 20%. By 2017, the total mall space is expected to cross 107 million sq ft, the study shows.
According to JLL, the National Capital Territory of Delhi will have the maximum net addition of shopping mall area in 2014 with 6.92 million sq ft area to be built.
"Among the seven cities, Delhi-NCR and Mumbai have have been leading in terms of having the highest concentration of shopping malls," said Pankaj Renjhen, managing director of retail services at JLL India. The net addition of shopping malls from 2013 to 2015 is expected to be around 24.9 million sq ft. In 2010, the stock of shopping mall in India stood at around 53.3 million sq ft," Renjhen said.
In 2013, an estimated supply of around 5.2 million sq ft was registered - a 22% increase over last year's supply. Chennai saw the maximum number of new shopping mall space at 1.95 million sq ft in 2013, followed by Mumbai and Pune.
"Retailers are showing the highest interest in upcoming .upcoming retail projects that offer not only a good location, but also have been optimised in terms of design and trade and tenant mix," Renjhen said.
In Delhi, by 2014, Noida and Greater Noida are anticipated to contribute significantly to the total Delhi-NCR share of mall space.
In Mumbai, the eastern and western suburbs are expected to be a major mall space occupier.