GHOST MALLS SINKING INDIA’S ECONOMY
The future for the Indian economy is still optimistic, despite the pandemic and the additional problems the effects of conflict are posing to the world. The post- covid recovery in the Indian economy is strong, with 9.2% growth projected.
According to Knight Frank India’s most recent research, “Think India, Think Retail 2022,” 21% of malls in India’s top eight cities are decaying and have cost the country approximately $524 million, or 42,737,936,752.00 INR, in lost sales.
What are Ghost Malls?
In India, there have been a number of “ghost malls,” or buildings, that have a vacancy rate of more than 40% and have been left empty of any businesses. As a result, the area around them has become resource-poor and ghost-like.
These places were struggling for a variety of reasons, including a lack of due diligence, mall flaws like size and ownership patterns, design concerns, an unfavorable layout with dark lanes, a lack of consumer foot flow management, low occupancy, and a lack of anchor tenants.
While in some instances termination notices have been filed to close big format businesses that made up a complete mall, in other instances, stoppage of operations, shop destruction, and auctioning of the mall property are also underway because of non-payment of dues to the local mall authority.
The research emphasized the need to reopen these malls to make up for the losses India endured.
According to the report, vacant premises can also be leased to nearby enterprises for long-term commercial use if they cannot pay the high prices in prestigious office business parks or well-known business districts.
Indian physical stores still account for 95% of the country’s retail sales, despite the growth of e-commerce.
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