July 21, 2012
Vishal Krishna & Priyanka Pani
According to analysts at Crisil, Third Eyesight, Jones Lang LaSalle (JLL) India, and Ernst & Young, 80 percent of India's 255 malls are failing, and half of them are in dire straits. Look at Mumbai, Delhi or any other big city and you will find plenty of malls which are half empty. In Mumbai alone, the list is long - the Centre One Mall in Vashi, is 30 percent vacant, the Kohinoor Mall in Kurla is 70 percent vacant, and the Dreams Mall in Bhandup is 75 percent vacant - to name some of the prominent malls. This is not to say that the mall culture itself is failing - there are many successful malls in Delhi, Mumbai and the other metros. But the issue is that the greater majority of the malls built are either pulling in indifferent business, or, worse, just fading away into oblivion. In some cases, out of desperation, malls are turning empty shop spaces into banquet halls in order to survive.
Posted by Naxal Watch at 1:06 AM