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Mall developers to add over 65 mn sq. ft. new space by 2022-end

"According to Anarock's latest retail report TCCx: Redefining the Future of Retail Malls released at the CII North Retail Conclave today in Delhi, the retail sector is riding high on the phenomenal rise of consumerism and renewed interest by institutional investors."

 

Mall developers to add over 65 mn sq. ft. new space by 2022According to Anarock's latest retail report TCCx: Redefining the Future of Retail Malls released at the CII North Retail Conclave today in Delhi, the retail sector is riding high on the phenomenal rise of consumerism and renewed interest by institutional investors.

Indian mall developers are planning to add over 65 mn sq. ft. of new mall supply by 2022-end across the country. Of this total new supply, the top 7 cities comprise 72 per cent share and the remaining 28 per cent (18.2 mn sq. ft.) will come up in Tier 2 & 3 cities MMR, Delhi-NCR, Hyderabad and Bengaluru together lead with new supply aggregating to nearly 34 mn sq. ft. in these cities

Amidst this rising new mall supply, developers are gradually on-boarding various new-age technologies. TheMall developers to add over 65 mn sq. ft. new space by 2022 end report further stresses on the need for mall developers to imbibe PropTech in the leasing of mall spaces for a potentially faster, more insightful transaction process.

The report also maintains that REITs can be a viable tool for mall developers to raise funds, but this fund-raising instrument still needs to mature sufficiently. Also, the retail REIT structure and performance may not be directly comparable with the commercial office sector.

The report also examines how PropTech has disrupted the retail sector in India - specifically in mall designing or creating avenues for enhancing customer experience. From basic AutoCAD drawings, architects and designers have moved to software such as 'Revit' and 'Archi Cad' to enhance overall mall designs to ensure a superior customer experience. Architects and designers use these tools to visualise and plan the placement of stores within the mall to increase visibility.

 
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