The Indian Retail Sector is booming and mall growth is being seen as a clear indicator of the economic prosperity in India. These shopping cum entertainment options are getting bigger and better, sporting multiplexes and food courts to woo shoppers. Dominant retail activity is visible in the top cities but tier II and III cities are also witnessing change. Read about the huge investments in malls and what the future holds for them.
Malls are springing up in every city and are fast becoming sought-after entertainment hotspots, with shopping as the by-product. From a situation where there were no malls about a decade ago, the country will have over 300 malls translating to over 100 million sq.ft. in available mall space by the end of 2007.
The Indian Government’s initiatives to aid growth in the retail sector are showing very visible results. Investment in world-class infrastructure is expected to be close to USD 150 bn.
The hitherto restricted retail real estate sector was opened up for Foreign Direct Investment in 2005. As a result, malls of international scale and quality are expected to come up;
Mall growth is being seen as a clear indicator of the economic prosperity in India. Significantly, the number of malls in the country has increased at a fast pace. And they are doing brisk business. A trip to the local mall (there will be one in every locality soon!) will bear this out;
From almost no malls existing in the country over a decade ago, there were 96 operational malls in August 2005;
Here’s more good news. This phenomenon is not restricted to major cities of the country alone. It has percolated to the “Tier II” and “Tier III’ cities as well. The contribution of Tier II cities in organized retail sales is expected to be about 20 – 25%.
Mumbai, Bangalore, Hyderabad, Pune and New Delhi are expected to have nearly 75% of the retail space in the country
Niche, speciality malls, discount malls, highway malls are the new trends
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