Consumption trends signal strong FY23 for mall operator Phoenix Mills

Company's recovery and expansion after impact of Covid-19 expected to improve rentals and occupancies

Phoenix Mills, the country’s largest listed mall operator, continues to benefit from consumption growth and demand across its commercial, residential, and hospitality properties.

After a record July aided by end-of-season sales, Phoenix Mills said consumption at its eight malls was Rs 740 crore in August. That is a 125 per cent rise from August 2019 and at pre-pandemic levels. Excluding Phoenix Palassio, the Lucknow mall that started operations in July 2020, the company’s like-to-like growth over a three-year period is up 114 per cent to Rs 670 crore. However, from the record consumption in July, there was a 7 per