Knight Frank India, a leading international property consultant in the country, in its report, 'Think India, Think Retail 2022 - Reinventing Indian Shopping Malls' cited that in the same period, potential retail sales in Indian malls were estimated to grow at a CAGR of 29 percent in the FY 2022-28 period reaching a whopping $39 billion. “We are back to normal as the pandemic effect is almost eliminated. Negative sentiments toward businesses has mitigated, and we are looking towards a positive growth in the 2022-23 financial year,” stated Gaurav Balani, DGM Marketing, Infiniti Mall.
Select CITYWALK shared that they witnessed a strong curve recovery since the last festive season, beginning in August 2022, owing to robust consumer sentiment. “Owing to our phygital initiatives, and marketing efforts, certain sectors have shown double-digit growth. Particularly, fashion, QSR, and athleisure,” said Yogeshwar Sharma, CEO & Executive Director, Select CITYWALK.
Sameep Pathak, CEO - Malls, Oberoi Realty added that the overall mall walk-ins have recovered up to 100 percent, and the mall sales have grown exponentially, along with the trading density, as compared to pre-Covid numbers. Experiential shopping and eating out were growing in double digits. Even cinema recovered to some level with the blockbuster releases showing promising numbers.
CHANGE IS IN THE AIR
This story is from the May - July 2023 edition of Retailer.
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This story is from the May - July 2023 edition of Retailer.
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