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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.
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