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Daybreak
Dead mall rising: The life and death of Indian shopping centres
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.
25:30
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Quick takeaways
- The rise of ghost malls in India, increasing from 57 to 64 in one year, represents a significant economic loss estimated at $800 million due to poor management issues.
- Adapting to changing consumer preferences is crucial for malls, with the future likely involving mixed-use developments that include entertainment and dining options for revitalization.
Deep dives
The Rise of Shopping Malls in India
The year 2000 marked a significant turning point for retail in India with the introduction of shopping malls, reshaping consumer habits and expectations. Initially, malls attracted shoppers seeking organized retail experiences, as they provided a clean, temperature-controlled environment that was a novelty at the time. Abhishek Bansal, involved in some of the first mall projects, navigated market challenges by converting local mom-and-pop retailers into tenants, successfully establishing Pacific Mall in Ghaziabad as a pioneer. As international brands began to enter the developing market and the middle class expanded, shopping malls rapidly became popular among consumers, laying the groundwork for a dramatic transformation in retail shopping across the country.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode