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The Rise of Ghost Malls: Why Indian shoppers are staying away from small shopping centres

The Rise of Ghost Malls: Why Indian shoppers are staying away from small shopping centres
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At 87%, Indian brands are dominating retail businesses on highstreets: Knight Frank

At 87%, Indian brands are dominating retail businesses on highstreets: Knight Frank
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Ghost shopping centers space in top 8 Indian cities surge 59% to 13 3 million sq ft

The number of such centers have risen to 64 by the end of 2023 from over 57 the previous year. Consequently, Knight Frank India estimates a loss of value amounting to Rs 6,700 crore in 2023.

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ghost shopping malls: Number of ghost malls rising in India, Delhi NCR tops the list, followed by Mumbai, Bengaluru: Report

Knight Frank India s recent report reveals a notable rise in ghost shopping malls, with 64 such malls identified in 2023 compared to 57 in 2022. These malls, characterized by a vacancy rate exceeding 40%, saw a 58% increase in area, reaching 13.3 million square feet. The report highlights the challenges faced by Grade C assets and ghost shopping centers, emphasizing the need for landlords to rejuvenate or divest such properties.

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Number of ghost shopping malls rise to 64 in 2023 across 8 major cities: Report

Number of ghost shopping malls rise to 64 in 2023 across 8 major cities: Report
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