Ghost malls haunt Indian retail, but not all is grim

BENGALURU - Life for the shopkeepers of Dreams Mall has been more like a nightmare ever since the three-storey building in Bhandup, a Mumbai suburb, was partly damaged by two fires in a short space of time.

“Many of the small shopping malls are on the verge of closure,” said Mr Gulam Zia, director of Knight Frank. The report says that even as vacancy rates in small, dilapidated malls have gone up, Grade A shopping centres – bigger, well-located malls – continue to enjoy robust occupancy and foot traffic.

Mr Amrit Hemdev, founder of real estate advisory and investor Avenuez, said: “The world over, malls are changing from retail centres to places to hang out, so the layout and design have to be excellent. No one goes to a mall any more for convenience shopping, only for luxury shopping and store-only sales.

Mr Chandershekhar Kaul, managing director of mall advisory company Beyond Squarefeet, said that as more people prefer to shop and watch movies online, they are increasingly abandoning small neighbourhood malls for sprawling ones with “experiential” features.gaming areas for family entertainment, a hypermarket, high-demand fashion brands and a multiplex with at least three screens to show big-budget releases.

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