India to get 100 new malls by 2022 end
By Pray Jani - January 27, 2020
Metro cities to see a majority of 69 new malls, while the rest 31 to be opened in tier 2 and 3 cities
The mall advertising is likely to grow leaps & bounds in India with the expansion plan of new malls announced by Anarock, the property consultant company. The company has stated that 100 new malls, spanning across 49 million sq. ft. are scheduled to come up in India by 2022-end.“Out of 100 malls, top seven cities alone will see 69 new malls spread over 35.5 million sq. ft. area and the remaining 31 malls over 13.5 million sq. ft. will come up in tier 2 & 3 cities such as Ahmedabad, Lucknow, Indore, Surat and Nagpur”, said in a statement.
Considering advertising formats are integral part of malls these days, this expansion is expected to give a big boost to the mall advertising which is currently 5%. Moreover, these new malls to be built in Tier 2 & 3 cities is expected to increase new sought-after advertising opportunities in untapped markets.
Mumbai Metropolitan Region (MMR) tops out with 18 new malls spanning 7.8 mn sq. ft.National Capital Region (NCR) comes next with 13 new malls spread over 7.5 mn sq. ft. Hyderabad will see the launch of 12 new malls over more than four mn sq.ft.
Bengaluru and Chennai will see an infusion of ten and nine malls respectively, together accounting for 10.8 mn sq. ft. Pune and Kolkata will see four and three new malls added respectively.
Among the tier 2 & 3 cities, Ahmedabad stands out with as many as six new malls slated to come up in the city by 2022- end. These new malls will be spread over 3.2 mn sq. ft.
Lucknow presents a similar picture and has plans for four new malls to be added by 2022-end. And the western cities of Surat and Nagpur will see new supply of two malls each spread over 0.7 mn sq. ft. and 0.85 mn sq.ft. area, it said.
Prior to this, the BMC’s ruling for malls to operate around the clock also came across as a positive push for the mall operators as well as media owners handling the mall media rights.