Malls' Tech-tonic Shift

The dark cloud has lifted, the pall of gloom a distant memory. Malls across India are back in bloom, and are undergoing an accelerated rebound post the pandemic, with ever-increasing footfall, revenue, and overall output. Today, malls are back in business, embracing technology and doing better than before

- ARITRA GHOSH

Knight Frank India, a leading international property consultant in the country, in its report, 'Think India, Think Retail 2022 - Reinventing Indian Shopping Malls' cited that in the same period, potential retail sales in Indian malls were estimated to grow at a CAGR of 29 percent in the FY 2022-28 period reaching a whopping $39 billion. “We are back to normal as the pandemic effect is almost eliminated. Negative sentiments toward businesses has mitigated, and we are looking towards a positive growth in the 2022-23 financial year,” stated Gaurav Balani, DGM Marketing, Infiniti Mall.

Select CITYWALK shared that they witnessed a strong curve recovery since the last festive season, beginning in August 2022, owing to robust consumer sentiment. “Owing to our phygital initiatives, and marketing efforts, certain sectors have shown double-digit growth. Particularly, fashion, QSR, and athleisure,” said Yogeshwar Sharma, CEO & Executive Director, Select CITYWALK.

Sameep Pathak, CEO - Malls, Oberoi Realty added that the overall mall walk-ins have recovered up to 100 percent, and the mall sales have grown exponentially, along with the trading density, as compared to pre-Covid numbers. Experiential shopping and eating out were growing in double digits. Even cinema recovered to some level with the blockbuster releases showing promising numbers.

CHANGE IS IN THE AIR