Mall vacancy lowest in 12 quarters as brands jostle for space
Vacancy levels in Indian malls in major cities have fallen to 12-quarter lows as brands try to grab share in an increasingly-competitive market, data from Cushman & Wakefield shows.
Vacancies at leading malls in prominent locations in Mumbai, Pune, Bengaluru and Ahmedabad have dipped to levels last seen in 2016. The sharpest decline has been in Mumbai, Pune and Bengaluru of 10-14% compared to 12-20% in June quarter of 2016, while newer malls in Delhi and Kolkata have slowed the pace of decline.
“Reputed global brands continue to enter and expand in India – a clear sign of the strengthening interest and confidence in this fast-growing market with a burgeoning millennial population. Compared to the past few years, 2018 continues to observe considerable investment activity in retail assets and this upswing is expected to continue,” said Anshul Jain, MD (India) Cushman & Wakefield.