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Retailing – King Size
India’s metros are in the global race for bigger and bigger retail malls, with Delhi –NCR leading the way. Of the total retail malls under construction in the country today, 30 are over a million sq. ft in area.
India’s real estate developers are chasing the world-wide trend for large malls. India’s largest upcoming malls include the
- DLF’s Mall of India in Gurgaon, on 3.6 million sq. ft. Apart from retail outlets and food courts, entertainment areas and town squares will be embedded in this project
- Omaxe Constructions has a ‘Connaught Place’ coming up in Noida on 1.9 million sq. ft.
- The 1 kilometre long Ambi Mall in Gurgaon , on 1.8 million sq. ft.
- DLF Mall in Sector 18, Noida on 1.5 million sq. ft.
- Unitech’s Great India Place on 1 million sq. ft of retail space
- 3 malls in Vasant Kunj with a combined corridor, totaling 1 million sq. ft
- TDI’s 10 lakh sq. ft retail space in Mohali
- TDI’s 5.5 lakh sq. ft. in Sonepat and,
- SVP’s 4 lakh sq. ft mall in Mohan Nagar, Ghaziabad.
DLF has plans for larger malls on the anvil even in Tier II cities like Ahmedabad, Baroda and Jalandhar. Mumbai has 8 upcoming projects for large malls, covering 1 million sq. ft. Thane, Dahisar and Ghatkopar will see these malls coming up in their neighborhood.
Retailing is slated to be the next sunrise industry. Standing at only 3% today, its prospects for further expansion are very bright. However, these large format malls need to be located close to high catchment zones to be more viable, and encompass more services to attract visitors. The entry of hypermarkets like Wal-Mart and Reliance has necessitate the need for expansive outlets springing up in India, and it is these stores with wide buyer appeal that will sustain footfall in the malls.
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