Hypermarkets in malls are losing space due to declining sales due to quick commerce apps like BlinkIt and Zepto. Mall operators like Landmark Group s Spar India have reduced store sizes and closed some outlets in Delhi NCR and Bengaluru. Reliance Smart Bazaar and Deerika Hypermart have also experienced a decline in sales. The trend has shifted from hypermarkets being the big draw to dining as the new pull factor.
Hypermarkets at malls have started giving up space with some of them even shutting stores as sales have declined due to the penetration of quick commerce apps such as BlinkIt and Zepto, three mall operators said.
Retailers in India are opening larger physical stores as consumers seek enhanced in-store experiences. The share of stores smaller than 2,000 square feet decreased to 52% in H1 2023-24, compared to 61% a year earlier. Retailers are expanding existing stores and entering new markets, capitalizing on the growing share of the organized retail market.
According to industry reports, residential sales in India are projected to achieve a record high in 2023, as developers anticipate selling more than 500,000 housing units by the year s end. According to data analytics firm PropEquity Data, in 2022, developers in the top seven cities sold 464,849 units. In the first nine months of this year, they have already sold 372,961 units.
As per the revised graded response action plan (GRAP) for the NCR, if the air quality turns "severe" (stage III), authorities will have to enforce a ban on construction and demolition activities in the region.