Retail in Asia

In Shops

India’s shopping malls lose bustle as economy cools

The biggest shopping mall in Mumbai, one of the world’s most crowded cities, can feel like a pretty lonely place.

Eight months ago, multi-storied Phoenix Market City opened for business in the eastern suburb of Kurla with a total floor area of 1.13 million square feet, the size of about 15 soccer fields. To date, just two-thirds of its 320 stores have been taken up and foot traffic can be thin.

Asia’s third-largest economy is growing at its slowest pace in nine years and sluggish consumer spending is forcing mall developers to scale back plans.

(Source: CNBC)