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Shopping Mall
There are 74 ghost shopping centres -- those with vacancy of more than 40 per cent -- out of 365 such retail properties across the top 32 cities, according to Knight Frank. Real estate consultant Knight Frank India on Tuesday released a report, 'Think India Think Retail - Value Capture: Unlocking Potential', which has mapped the country's retail real estate across 32 cities. "A significant finding of the report is that nearly one-fifth of India's operational shopping centres fall into the category of 'Ghost Malls' - assets marked by high vacancies, weak tenant curation, ageing infrastructure, and declining relevance," the consultant said. Across 365 shopping centres surveyed, as many as 74 have been classified as ghost assets, representing 15.5 million square feet (mn sq ft) of area. Within this pool, the consultant said that 15 centres with a combined area of 4.8 million sq ft could be retrofitted and earn Rs 357 crore as annual rental. The consultant has defined ghost shopping .
Police in California evacuated a shopping mall Friday, one of the busiest shopping days of the year, after a shooting left two people with gunshot wounds. The shooting was an isolated incident, the San Jose Police Department said on the social platform X. Officers evacuated and cleared Valley Fair Mall in Santa Clara to confirm there was no threat to public safety. The wounded were taken to a hospital, police said. San Jose and Santa Clara are neighbouring cities about 80 kilometres south of San Francisco. The day after Thanksgiving, known in the retail industry as Black Friday, marks the official start of the holiday shopping season in the US and is the biggest shopping day of the year.
Real estate company Pacific Group will develop a 15 lakh square shopping mall and a hotel in Jaipur to expand business amid rising demand for premium retail spaces, a top company official said. Pacific Group has nine shopping malls, comprising more than 30 lakh sq ft of retail spaces, in Delhi, Ghaziabad, Faridabad, and Dehradun. In an interview with PTI, Pacific Group Managing Director Abhishek Bansal said, "We have a portfolio of nine shopping malls and now we are expanding in Jaipur, Rajasthan." He said the company has acquired 11 acre land in Jaipur to develop a shopping mall with total area of about 15 lakh sq ft. Pacific Group will also build a hotel comprising 130 rooms, he said, adding that the hotel will be managed by some hospitality chain. Bansal said there is a huge demand for superior shopping malls and hotels in tier-II and III cities. He said the mall in Jaipur is expected to be operational by 2026-end while the hotel will open in 2027. "We have started the proces
Nearly 20 premium shopping malls, comprising 123 lakh square feet of retail spaces, will become operational by 2026-end across eight major cities in the country to tap rising demand of retailers looking to expand business, according to Cushman & Wakefield. On Tuesday, real estate consultant Cushman & Wakefield released its report 'Premiumisation of India's Retail Sector - Upscaling, Upgrading and Evolving', at MAPIC India Summit here. The consultant noted that as many as 19 Grade A shopping malls covering 12.3 million (123 lakh) square feet of new retail space will become operational in 2025 and 2026 calendar years. These eight cities are-- Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Pune and Ahmedabad. Out of the 12.3 million square feet of new Grade A mall supply projected across 2025 and 2026, 8.6 million (86 lakh) square feet will be superior Grade (Grade A-plus), underscoring the sector's shift from scale to quality. The superior-grade malls typically ...
Leasing of retail space in shopping malls and prominent high streets rose nearly 5 per cent during January-September this year across eight major cities, according to Cushman & Wakefield. Real estate consultant Cushman & Wakefield data showed that the absorption or leasing of retail space in Grade-A malls and main high streets across the top eight cities stood at 5.53 million square feet during January-September 2024 against 5.29 million square feet in the corresponding period of the preceding year. These eight cities are -- Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, Pune and Ahmedabad. Saurabh Shatdal, Managing Director (Capital Markets) and Head-Retail-India, Cushman & Wakefield, said, "India's retail real estate growth remains intact as can be observed from the strong leasing numbers, both in malls and main streets". Increasing discretionary spending and evolving consumer preferences are driving demand for premium retail spaces, he added. Shatdal, ...
Leasing of retail spaces in shopping malls rose 15 per cent annually during the April-June period to 6.12 lakh square feet across eight major cities on better demand from retailers, according to Cushman & Wakefield. Real estate consultant Cushman & Wakefield India data showed that the demand for retail space on major high streets across these eight major cities increased 4 per cent annually to nearly 14 lakh square feet during the second quarter of the 2024 calendar year. As per the data, the leasing activities in shopping malls rose to 6,12,396 square feet during April-June 2024 from 5,33,078 square feet in the year-ago period. High street locations saw a growth of 4 per cent in leasing to 13,89,768 square feet from 13,31,705 square feet during the period under review. The leasing data includes all types of shopping malls- Grade A and Grade B -- and also all prominent mainstreets. These eight cities are -- Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, Pune and ...
Realty major DLF is likely to start construction of its new 25 lakh square feet shopping mall in Gurugram this quarter at a cost of around Rs 1,700 crore to expand business amid surge in demand for quality real estate space from retailers. At present, DLF has a retail footprint of around 42 lakh square feet comprising nine properties, including malls and shopping centres, mainly across Delhi-NCR. Around 3.4 lakh square feet retail portfolio is under DLF Ltd and rest under the DLF Cyber City Developers Ltd (DCCDL), a joint venture between DLF and Singapore sovereign wealth fund GIC. In an interview with PTI, DLF's Vice Chairman and MD (Rental Business) Sriram Khattar highlighted that the retail sector has bounced back sharply post-COVID pandemic and there has been a strong growth in footfalls and sales in shopping malls. "We are likely to start construction of Mall of India, Gurugram in the third quarter of this fiscal year," said Khattar, who has recently been elevated to this new .
