21 March 2022, Mumbai:
Footfalls in retail malls across India are on a rebound as the third wave of the COVID-19 pandemic subsides.
The performance of most malls in key consumption centers has either surpassed pre-pandemic levels seen in February 2020 or inched closer to those thresholds.
The festive season of Holi has boosted sales, says Mukesh Kumar, Chairman, Shopping Center Association of India. Shopping malls are gradually reaching their pre-pandemic numbers.
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The sales have already crossed the pre-pandemic numbers in the third quarter of 2021-2022 and the current quarter is also looking very healthy, he adds.
Pentup demand and instantaneous recovery in footfalls and revenue, after the easing of Omicron-related curbs by various local authorities, would help FY23 emerge as the best year for both retailers and mall operators, believe operators.
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Pushpa Bector, Executive Director, DLF Retail adds, in terms of business, vacancy levels are at their lowest and most retailers are on an expansion spree now.
Mall developers have already started charging full rentals as opposed to the lower amounts charged during the pandemic period.
Occupancy levels at most retail properties are at their best since the pandemic started.
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