Daybreak Dead mall rising: The life and death of Indian shopping centres
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Dec 12, 2024 Abhishek Bansal, Executive Director of Pacific Development Corporation, shares insights on the changing landscape of Indian shopping malls. He discusses the alarming rise of 'ghost malls,' highlighting a significant loss in value. The conversation delves into the paradox of declining foot traffic despite consumer spending and the critical role of mall location and tenant mix. Bansal also touches on the innovative transformations of abandoned malls post-COVID, showcasing the need for strategic planning in revitalizing retail spaces.
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Pacific Mall's Early Days
- Abhishek Bansal's first project was setting up Pacific Mall Ghaziabad, one of Delhi NCR's first malls.
- Initially, they struggled to find enough brands to fill the mall, relying on local businesses.
The Decline of Malls
- The golden age of Indian shopping malls is over, with many becoming ghost malls.
- A Knight Frank report found the number of ghost malls rose to 64 in 2023, representing a significant loss.
Location, Location, Location
- Location remains crucial for mall success, as highlighted by Abhishek Bansal.
- Pacific Mall Ghaziabad's strategic border location initially gave it access to both Delhi and Ghaziabad markets.