31 new malls coming up in Bangalore
In the last few months, the retail space in Bangalore witnessed growth with the opening of several new mall mainly in areas like the Central Business District and Peripheral Business District.
According to sources, there are already 25 malls in the city with 31 more new malls being developed in a phased manner. Reputed real estate developers such as Purvankara, Century Real Estate, Prestige Projects, Sobha Developers and Suraj Developers have already launched malls with many new ones ready to be launched.
Recent studies by Vestian Global Workshop Service Private Limited came out with findings that there are around 15 malls under construction which are expected to be completed very soon. On top of this, another 16 new projects are in the pipeline.
Recent study by Vestian Global Workshop Service Private Limited said that there are around 15 malls which are under construction and are expected to get completed very soon. On top of this another 16 new projects are in the pipeline.
The study revealed that out of 15 malls, Suraj Cambridge Mall and Embassy Galaxy Mall which are in the Central Business District are currently being built. Besides, four other malls namely, Vega Mall, City View, Orion Mall-2 and World GT Mall, are coming up in the secondary business district.
The remaining nine malls namely, Grand Mall and Towers, Virtuous Xander Mall, Salarpuria World Market, Neo Mall, Gardens Galleria, Forum Shantiniketan Mall, MSR Regallia Elements, Vaishnavi Sapphire and RMZ Galleria are in the peripheral business district.
The central business district consists of Commercial Street, Bridage Road and other locations in the immediate proximity. The secondary business district includes areas like Jayanagar 11th Main Road, 100 Feet Road Indiranagar, New Bel Road and Marathahalli.
The best performing malls are always in demand and are in a position to choose their tenants. Mall owners have options of improving the tenant as well as making strategic improvements to the centre. Such strategies are mainly implemented either by the existing mall’s marketing manager or by professionals working for them. This year, the retail segment is going to expect the supply of nearly one million sq. ft of mall space.
According to a real estate expert, most of the retailers have shrunk the average size of their stores to reduce the rental burden. Now-a-days any good property which is financially viable is taken on lease by retailers.
The mismatch between supply and demand for retail space in southern India is growing worse. The real estate builders continue to build malls in a saturated market. As a result, by 2015 there is expected to be an increase in supply by 100 per cent. Moreover, online shopping is also another reason for the decrease in demand for retail space. People can shop from home due to the fact that online stores are open 24/7. Shopping from stores and malls makes it difficult for people to compare prices and features of products. Online shopping enables buyers to buy products for lesser price as online retailers need not pay rental for the building as well as salaries for store personnel.
