29 December 2023, Mumbai
Mall operators’ rental income is expected to grow by 9 percent in 2024 and by 8 percent in 2025, as per an analysis by ICRA.
Having grown by 24 percent in Q1 FY’23, leasing activities will continue growing in 2024, says Abhishek Bansal, Executive Director, Pacific Malls.
Demand for increased space among existing stores will grow along with a preference for larger areas by new tenants, he adds.
In the current year, malls registered an increased demand for premium products, value experiences, and more store space.
Quotes
This demand persisted across Tier II and III markets too, adds Rajneesh Mahajan, CEO, Inorbit Mall. In the coming year, stores selling jewelry, entertainment products, and athleisure goods are expected to increase their sizes by 40 percent, Mahajan adds.
India is expected to become the world’s third-largest consumer market by 2030, with the introduction of newer categories and international brands foraying into the Indian market.
Evolving scope
Omnichannel retail is expected to evolve during this period, with brands providing a seamless experience across all channels, including offline, online, mobile, and social commerce.
The F&B category will continue to grow with the evolution of mall’s crowd-pulling strategies. In line with these changing retail trends, the brand mix in malls is focusing more on these categories. adds Mahajan.
