 "Mall, Shopping Mall")
Snazzy new malls are driving older, smaller and poorly designed ones out of business.
Five malls shut down last year and 10 others in Chennai, Delhi-NCR, Mumbai and Pune changed their use to offices, educational institutes, shopping clusters, hospitals and banquet halls. This resulted in 3.5 million sq ft of retail space being withdrawn from operational stock, according to property consultant JLL, which expects another 10 malls to shut this year.
The space withdrawn in 2016 is greater than the combined mall closures between 2010 and 2015, according to Pankaj Renjhen, managing director, retail services, JLL. Eleven malls
Five malls shut down last year and 10 others in Chennai, Delhi-NCR, Mumbai and Pune changed their use to offices, educational institutes, shopping clusters, hospitals and banquet halls. This resulted in 3.5 million sq ft of retail space being withdrawn from operational stock, according to property consultant JLL, which expects another 10 malls to shut this year.
The space withdrawn in 2016 is greater than the combined mall closures between 2010 and 2015, according to Pankaj Renjhen, managing director, retail services, JLL. Eleven malls
