India is facing a significant issue with 'ghost shopping centers' as reported by various sources. These centers have seen a surge in space across major cities, with NCR and Mumbai leading in square footage. The total space of such centers in India has reached 13.3 million square feet, resulting in a loss of $798 million in 2023. These 'ghost shopping malls' are defined as low-performing malls with a vacancy rate exceeding 40%, posing a challenge to the retail landscape amidst the rise of online shopping.
#LeadStoryOnET | Behind ghost shopping malls, a new glimmering trend emerges https://t.co/IVJNvQtvmu
Ghost Shopping Malls Haunt India's Retail Landscape: Vacancy Rates Surge in Delhi, Mumbai, and Bengaluru https://t.co/I8X5FMmMTn
Ghost shopping malls are low performing malls with a vacancy of more than 40% https://t.co/NXarrdIRJH
#India has 13.3 million square feet of ‘ghost shopping infrastructure’ across 29 cities that led to a loss of $798 million in CY2023, reports Knight Frank India in a wide ranging survey. https://t.co/ykbFhfWf4A
#Ghost #shopping centers’ #space in top 8 #Indian #cities surge 59% to 13.3 million sq ft https://t.co/taufrbqCHV
Ghost Malls: Worry for India’s retail landscape amidst online shopping surge? https://t.co/v9yAfxEsVi
#NCR accounted for the highest number of ghost shopping centers measuring 5.3 mn sq ft (rise of 58% Y-o-Y), followed by #Mumbai with 2.1 mn sq ft (up 86% YoY) https://t.co/NXarrdIRJH
India's small shopping centres turning into ghost malls: Report https://t.co/GmgnASdQg0
Several major leadership changes took place in the retail world last month. https://t.co/L085g9Cb6G #retail #csuite
This growing trend is changing the retail business by @CourtReagan @CNBC #malls #retail #cre #shopping https://t.co/1hfdPzaW9C