Are you sick of seeing signs of new malls coming up in your neighborhood? Malls and shopping centers seem to be sprining up just about everywhere it seems. The Economic Times reports that with the continued expansion of retailers, the operational retail space is likely to reach 100 million sq ft by 2008, with an estimated 500 malls across India. Retailers are however, still hungry for more space and the high cost of real estate is becoming a serious handicap in their plans. Reliance alone is expected to have 30 million sq ft of space by 2010 with its range of hypermarkets, supermarkets, convenience stores in 784 cities and 6,000 rural mandis.
Other big players such as Pantaloon have signed for space in over 100 malls that are still in development stages, Max Retail and Provogue have secured 800,000 sq ft and 1 million sq ft of space. According to Pranay Vakil, chairman of Knight Frank, “There will be a significant gap between supply of retail space and demand over the next two years.”
No comments:
Post a Comment