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Number Of 'Ghost Malls' Increases In Major Cities
The Morning Standard
|May 08, 2024
OWING to growing preference towards online shopping and the advent of top 'Grade A' class shopping centres, number of ghost shopping malls, characterised by a vacancy rate exceeding 40%, rose from 57 in 2022 to 64 in 2023 across eight major cities, said real estate consultancy firm Knight Frank on Tuesday.
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The consultant noted that there has been a sharp rise in low-performing retail assets with nearly 13.3 million square feet (mn sq ft) of retail shopping centre space categorised as ghost shopping centres.
There has been an increase of 238% year-on-year (YoY) in ghost shopping centres by gross leasable area (GLA) since 2022 in the prime markets. As a result of the rise in vacant spaces, Knight Frank estimates that loss of value to be at 6700 crore or $798 million in 2023.
यह कहानी The Morning Standard के May 08, 2024 संस्करण से ली गई है।
हजारों चुनिंदा प्रीमियम कहानियों और 10,000 से अधिक पत्रिकाओं और समाचार पत्रों तक पहुंचने के लिए मैगज़्टर गोल्ड की सदस्यता लें।
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