Retail in Asia

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Over 52pc malls are vacant in Mumbai, says survey

 Over 52 percent of the malls in Mumbai are vacant partly due to economic slowdown, poor designing, lack of robust revenue generation model and located in unattractive location, reveals the Associated Chamber of Commerce and Industry of India (ASSOCHAM) recent survey.

As per ASSOCHAM estimates, the total rate of vacancy in malls in Delhi-NCR is 55 percent, while in Mumbai it is 52 percent followed by Ahemdabad (51 percent), Chennai (50 percent), Hyderabad (48 percent), Bangalore (45 percent). The position in the nearby town of these locations is much disturbing.

ASSOCHAM conducted a random survey of all the shopping malls in Delhi-NCR, Mumbai, Kolkata, Bangalore, Hyderabad, Ahemdabad, Pune, Dehradun, Chennai etc between October and December 2012. The survey found that many upcoming malls have significantly been delayed and withdrawn due to lukewarm response from retailers. They will also face manifold hike in construction cost.