Mall developers, investors look to double retail spaces in next two years

Mall developers such as Prestige and VRSA are developing malls as not just malls but experience centres for shoppers

Mall developers are adding properties in a big way despite lower discretionary income in the hands of consumers and competition from e-commerce firms.

Almost all the big mall developers/investors — such as Raheja-owned Inorbit Malls, Xander-APG joint venture Virtuous Retail South Asia (VRSA), property developer Prestige Estates Projects, and Blackstone-owned Nexus Malls — are looking to double their space in a year or two.

The country is expected to see a mall space addition of more than 65 million square feet (sq. ft) by the end of 2022. Of that, nearly 72 per cent will be in the top seven