Retail grows @ 29%, fresh mall space to drive up sales: Knight Frank
15 September 2022, Mumbai:
Retail sales in shopping malls across top eight cities in India are expected to grow 29 per cent annually.
So says property consultant Knight Frank. This is on the back of consumption growth and the opening of new malls. The organised retail sales volume in the top eight Indian cities is estimated to grow at 17 per cent. Retail sales in malls across Mumbai, National Capital Region (NCR), Bangalore, Hyderabad, Chennai, Pune, Kolkata and Ahmedabad grew at three per cent in fiscal year 2022.In fiscal year 2023, the potential consumption in malls is estimated to surpass pre-Covid levels.
Fresh supply of retail space in malls is estimated at 50million square feet to 55 million square feet in the next six years, and this will drive growth in sales at shopping centers.At the end of the first six months of the 2022 calendar year, the total mall stock stood at 92 million square feet spread across 271 operational malls in the top eight markets.An incremental supply of 15 million square feet was added between January 2020 and June 2022, despite the disruption of the pandemic. Being restricted to home for almost two years, a lot of social gatherings including weddings are now happening and orders for the same are also visible.
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