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India witnesses 11.5% increase in mall consumption in FY 2024

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North India and West India are at the forefront of the mall consumption surge, with growth rates of 13.0% and 13.9%, respectively

Bengaluru: India witnessed 11.5% increase in mall consumption nationwide in the fiscal year 2024, according to a business trend analysis by Shopping Centres Association of India (SCAI).

North India and West India are at the forefront of the surge, with growth rates of 13.0% and 13.9%, respectively. East India records a growth rate of 10.6%, closely followed by South India at 9.9% and Central India at 8.1%.

Food and beverage (F&B) segment saw a nationwide growth rate of 11.7%, emerging as one of the major contributors to overall mall revenue. North India took the lead with a growth rate of 15.5% in the F&B category followed by West India (15.0%) East India (10.6%), Central India (10.4%) and South India(10.0%).

In financial year 2024, mall occupancy witnessed a 6.7% increase nationwide. West India emerged as a frontrunner boasting an 8.0% growth rate in mall occupancy, followed by North India (7.9%), East India (7.3%), South India (6.7%) and Central India (4.8%).

In the fiscal year under review, India saw a 9.6% average increase in rental rates. West India led the surge with the highest growth rate of 11.7%, trailed by East India (8.9%), South India (8.4%), North India (8.2%) and Central India (6.0).

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