India's retail landscape is undergoing a significant transformation as changing consumer preferences push traditional shopping malls into decline. With the rise of online shopping and the appeal of larger, more engaging retail spaces, many smaller malls are struggling to attract footfall. Amid this shift, CA Nitin Kaushik has raised concerns about the increasing number of shopping complexes in Gurgaon, despite the growing trend of vacant and underutilised malls. He suggests that urban spaces should prioritize parks, cycling lanes, and public gathering areas over lifeless retail hubs.
His tweet read, “Malls are dying, yet Gurgaon keeps getting more of them. Instead of empty shopping complexes, how about: Well-maintained parks, running tracks & cycling lanes, Open-air concert spaces, Fountains & vibrant public squares. People want experiences, not just overpriced food courts & empty stores. Build places where people actually live, not just spend.”
According to Knight Frank India's latest report, Think India Think Retail 2024, sheds light on the growing issue of "ghost shopping malls"—defined as malls with a vacancy rate exceeding 40%. The report reveals that the number of such malls increased from 57 in 2022 to 64 in 2023 across eight major cities, signaling a concerning trend in the retail sector. It also highlights a 238% year-on-year increase in the Gross Leasable Area (GLA) of all shopping centers in prime Indian markets in 2023, alongside the steady rise in ghost malls. As shopping habits evolve, these findings emphasize the urgent need for developers to rethink urban planning and commercial real estate strategies.
The number of ghost shopping malls in India, from 57 to 64 in a year, covering approximately 13.3 million square feet of gross leasable area—a 58% increase from the previous year. These malls, with vacancy rates exceeding 40%, struggle to attract tenants as consumer preferences shift toward online shopping and larger retail hubs. The National Capital Region (NCR) had the highest number of ghost malls, followed by Mumbai and Bengaluru, while Hyderabad saw a 19% decline in such properties. Knight Frank India's report highlights the growing challenges faced by smaller malls in sustaining footfall, emphasizing the need for adaptive strategies in the retail sector.
His tweet read, “Malls are dying, yet Gurgaon keeps getting more of them. Instead of empty shopping complexes, how about: Well-maintained parks, running tracks & cycling lanes, Open-air concert spaces, Fountains & vibrant public squares. People want experiences, not just overpriced food courts & empty stores. Build places where people actually live, not just spend.”
Ghost Shopping MallsMalls are dying, yet Gurgaon keeps getting more of them.
— CA Nitin Kaushik (@Finance_Bareek) April 2, 2025
Instead of empty shopping complexes, how about:
🏞️ Well-maintained parks
🚶♂️ Running tracks & cycling lanes
🎶 Open-air concert spaces
💦 Fountains & vibrant public squares
People want experiences, not just overpriced… pic.twitter.com/dP3ZTkQt36
According to Knight Frank India's latest report, Think India Think Retail 2024, sheds light on the growing issue of "ghost shopping malls"—defined as malls with a vacancy rate exceeding 40%. The report reveals that the number of such malls increased from 57 in 2022 to 64 in 2023 across eight major cities, signaling a concerning trend in the retail sector. It also highlights a 238% year-on-year increase in the Gross Leasable Area (GLA) of all shopping centers in prime Indian markets in 2023, alongside the steady rise in ghost malls. As shopping habits evolve, these findings emphasize the urgent need for developers to rethink urban planning and commercial real estate strategies.
The number of ghost shopping malls in India, from 57 to 64 in a year, covering approximately 13.3 million square feet of gross leasable area—a 58% increase from the previous year. These malls, with vacancy rates exceeding 40%, struggle to attract tenants as consumer preferences shift toward online shopping and larger retail hubs. The National Capital Region (NCR) had the highest number of ghost malls, followed by Mumbai and Bengaluru, while Hyderabad saw a 19% decline in such properties. Knight Frank India's report highlights the growing challenges faced by smaller malls in sustaining footfall, emphasizing the need for adaptive strategies in the retail sector.
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