CHENNAI: The town will add four new shopping department stores to the present 12 by 2020, increasing its total mall retail house by 38% -from five million sqft to 6.nine million sqft.
Over the process the following 3 years, 34 new department stores, spread over 13.6 million sqft, will come up across the nation , with Hyderabad accounting for one-third of this house and Chennai 11%, says a report by world realty consultant Cushman & Wakefield.
Malls in Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai and Pune, the report says, will supplement house of their current inventory by around 20% in the similar duration.
Of the new department stores arising in Chennai -where Phoenix Market City (1 million sqft) is now the largest -two will be in Velachery and one each and every in Anna Nagar and Navalur. VR Mall in Anna Nagar, nearing finishing touch, will measure up to Phoenix in size, the report says.
Mumbai, Bengaluru and Pure are the one primary cities where new department stores opened this year; none had been opened in Chennai, Delhi NCR, Hyderabad and Kolkata. Malls in Delhi added three.1 million sqft last year, whilst Chennai and Hyderabad drew a clean. Mumbai was once the one town to add mall house in 2017 (1.1million sqft) over 2016 (eight.five lakh sqft). Pune dropped from eight.37 lakh sqft last year to 6 lakh sqft this year.
While there was once a 55% leap in mall house leasing (2.three million sqft) across the nation between January and September 2017, new provide , at 1.nine million sqft, during the duration was once a yearon-year decline of 63%.
Developers have regained self assurance, with investors appearing higher commitment. Private equity budget invested an estimated `7,959 crore in department stores between January 2016 and September 2017, the report mentioned.
After a chronic duration of gradual growth, the retail sector has regained momentum, it mentioned. "Increasingly it is understood that retail malls will continue to hold importance as a "destina tion going beyond retail outlets and selling," the report said.Even e-commerce firms are establishing a physical presence through "revel in" retail outlets in department stores and on prominent high streets, it mentioned.
"With the estimated size of retail sector pegged at Rs 1 trillion by 2020, at a CAGR of roughly 15% between 2016 and 2020, the scope for retail actual estate stays high. With overseas outlets coming into the rustic and aggressively increasing, brands prefer to be positioned in department stores that are prone to have upper occupancy ranges," mentioned Cushman & Wakefield India nation head and MD Anshul Jain.
The only town no longer anticipated to look any trade within the mall sector in the next few years is Ahmedabad, which stays a in large part high street retail town, the report mentioned.
Over the process the following 3 years, 34 new department stores, spread over 13.6 million sqft, will come up across the nation , with Hyderabad accounting for one-third of this house and Chennai 11%, says a report by world realty consultant Cushman & Wakefield.
Malls in Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai and Pune, the report says, will supplement house of their current inventory by around 20% in the similar duration.
Of the new department stores arising in Chennai -where Phoenix Market City (1 million sqft) is now the largest -two will be in Velachery and one each and every in Anna Nagar and Navalur. VR Mall in Anna Nagar, nearing finishing touch, will measure up to Phoenix in size, the report says.
Mumbai, Bengaluru and Pure are the one primary cities where new department stores opened this year; none had been opened in Chennai, Delhi NCR, Hyderabad and Kolkata. Malls in Delhi added three.1 million sqft last year, whilst Chennai and Hyderabad drew a clean. Mumbai was once the one town to add mall house in 2017 (1.1million sqft) over 2016 (eight.five lakh sqft). Pune dropped from eight.37 lakh sqft last year to 6 lakh sqft this year.
While there was once a 55% leap in mall house leasing (2.three million sqft) across the nation between January and September 2017, new provide , at 1.nine million sqft, during the duration was once a yearon-year decline of 63%.
Developers have regained self assurance, with investors appearing higher commitment. Private equity budget invested an estimated `7,959 crore in department stores between January 2016 and September 2017, the report mentioned.
After a chronic duration of gradual growth, the retail sector has regained momentum, it mentioned. "Increasingly it is understood that retail malls will continue to hold importance as a "destina tion going beyond retail outlets and selling," the report said.Even e-commerce firms are establishing a physical presence through "revel in" retail outlets in department stores and on prominent high streets, it mentioned.
"With the estimated size of retail sector pegged at Rs 1 trillion by 2020, at a CAGR of roughly 15% between 2016 and 2020, the scope for retail actual estate stays high. With overseas outlets coming into the rustic and aggressively increasing, brands prefer to be positioned in department stores that are prone to have upper occupancy ranges," mentioned Cushman & Wakefield India nation head and MD Anshul Jain.
The only town no longer anticipated to look any trade within the mall sector in the next few years is Ahmedabad, which stays a in large part high street retail town, the report mentioned.
Chennai to add 4 malls to existing 12 by 2020
![Chennai to add 4 malls to existing 12 by 2020]()
Reviewed by Kailash
on
October 22, 2017
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