120 million square feet mall space by Q1, 2011: Malls of India...

    120 million square feet mall space by Q1, 2011: Malls of India report

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    IMAGES F&R research study reveals that by the first quarter of 2011, India can expect to have nearly 120 million square feet of total mall space available through about 350 malls.

    According to Malls of India, the 2009 edition published by IMAGES Group, which has been released at the that begins today in Mumbai, an additional 67 million square feet of mall space is projected to be added by Q1, 2011.

    Our Research study further reveals that 174 new properties are currently in various stages of planning, construction and leasing across the country’s metros, plus tier I, II and III locations. The Report says that there are about 172 large and small malls open in India currently, offering just over 52 million square of space for retail, entertainment and F&B formats.

    North and South India lead in terms of percentage growth of mall count and square foot space, says the report, which also presents extensive details of operational malls and developments currently in various stages of planning, constructing and leasing.

    North & South in the Lead

    Pointing out that the country’s North & South have been leading the Malls and continue to be in the lead, the Report says that the number of operational malls in North zone will increase from the present 79 in September 2009 to 150 by Q1, 2011. Thus, the percentage increase in this zone in number of malls will be 49 per cent by 2011 from the existing 79 malls in 2009.

    The total mall space in the Northern region as on September 2009 is reflected as 24.7 million square feet from the 79 operational malls, which is projected to increase to 49.05 million square feet by 2011, according to our F &R Research.

    Within the South zone, Bangalore and Chennai are listed as the most prolific cities, in terms of square feet mall space, with 44 per cent and 32 per cent of the total 7.2 million square feet existing mall space, respectively.

    According to the Image F&R projection, the number of operational malls in the South zone will increase from 21 operational malls in September 2009 to 72 by Q1, 2011.

    The highlight of the development in South is that the total existing mall space of 7.2 million square feet is projected to be more than doubling to touch 18.43 million square feet by 2011.

    West Zone & East Zone

    In the West, Mumbai has been dominating mall development activity and continues to do so, accounting for almost 66 per cent of the total 56 existing shopping malls.

    The report says that the number of operational malls in West zone will increase from the present 56 as on September 09 to 87 by Q1, 2011.

    In West Zone, about 31 more malls will be added by 2011 where the total available mall space is 16.36 million square feet. This, the Report says will be increasing by 33.9 percent by 2011.

    Like Mumbai in the West, it is Kolkata in the East which dominates the scenario. Out of 16 operational malls in East zone, Kolkata is dominating with 10 quality retail spaces, and will continue to dominate future mall developments, accounting for over 51 per cent of the 6.14 million square feet additional mall space.

    And in a broader sense, East zone appears to be tagging along too, albeit at a comfortable pace. The number of operational malls will be more than doubling from the present strength of 16 as on September 2009 to to 37 by Q1, 2011.

    Total mall space in Eastern zone will be increasing from the existing 4 million square feet by 60 per cent by Q1, 2011.

    — IndiaRetailing Bureau