As of the first half of 2022, Ahmedabad has 2.5 million sq ft of total mall space. This is 2.7 percent of the total mall stock across Top 8 cities in India, Knight Frank India, a property consultant, in its latest report ‘Think India, Think Retail 2022’ said. This report showcases an extensive research survey on shopping mall performance in India.
According to the report, Grade A mall space is gaining momentum with the share of the organised retail sector increasing. The total gross leasable area across 271 operational malls in Top 8 cities in India stood at 92.9 m sq ft as of H1 2022. Significant growth was registered across 255 malls in India from 77.4 m sq ft of gross leasable area until December 2019.
Retail sales in shopping malls across the Top 8 cities are expected to grow 29 percent annually to reach USD 39 billion by 2027-28 fiscal on consumption growth and the opening of new malls.
“The organised retail sales volume in the Top 8 Indian cities is estimated to grow at a CAGR of 17 per cent from USD 52 billion in FY 2022 to USD 136 billion by FY 2028,” the report said.
In the same period, the consultant said that the potential retail sales in Indian malls are estimated to grow at a CAGR (Compound Annual Growth Rate) of 29 per cent in the FY2022-28 period reaching USD 39 billion by FY2028. Retail sales in malls across the top 8 cities — Mumbai, National Capital Region (NCR), Bengaluru, Hyderabad, Chennai, Pune, Kolkata and Ahmedabad — grew at a CAGR of about 3 per cent to reach USD 8 billion in FY2022.
The report has evaluated malls based on eight parameters including mall size, management, footfalls, connectivity, and vacancy. Grades have been set at A, B, and C.
In Ahmedabad, Grade C malls comprised the maximum share (42 percent) of the total mall stock with 1.05 million sq ft as of H1 2022, according to the report. Grade A and B malls comprised 30 percent (0.75 m sq ft) and 28 percent (0.7 m sq ft) of the total mall stock respectively.