According to a recent study by Jones Lang LaSalle Meghraj, mall space in the country is expected to reach 60 million square feet by 2008. At present, there are 100 exclusive shopping malls in India and 300 more are scheduled to come up in the next spate of constructions.
Titled 'Geography of Opportunity — the Indian 50', the research says Delhi and Mumbai will house 40 percent of the total national organized retailing by 2008. By next year, these two metros are alleged to have a total mall stock of 22 million and 15 million square feet respectively.
In all, 50 cities across the country are expected to reap harvest from this retail boom. Bangalore, Hyderabad, Kolkata, Pune, Ahmedabad, Chandigarh, Jaipur and Lucknow are some such cities.
Commenting on the mall magic, an official from Jones Lang LaSalle told Fibre2fashion that improved infrastructure and a steady flow of FDIs have accelerated the growth in retail sector. He added that another important factor was increase in disposable income which has shot up people's spending capacity.
Underlining reasons why Delhi and Mumbai lead the mall rat race, the official said these two cities have eager retailers willing to invest in new ventures as well as excellent infrastructure. A larger, more affluent consumer group is also an important factor.
Fibre2fashion News Desk - India