Shopping Mall Retail Sales To Grow 29% Annually To Reach $39 Billion By FY28: Report

The shopping mall retail sales in the top eight cities are expected to grow 29 per cent annually to reach 39 billion dollars by 2027-28 fiscal on consumption growth and the opening of new malls, according to a latest report.

A recent report by Knight Frank titled 'Think India, Think Retail 2022 - Reinventing Indian Shopping Malls stated, "The organised retail sales volume in the top 8 Indian cities is estimated to grow at a CAGR (Compound Annual Growth Rate) of 17 per cent from 52 billion dollars in FY 2022 to 136 billion dollars by FY 2028. In the same period, the potential retail sales in Indian malls are estimated to grow at a CAGR of 29 per cent in the FY2022-28 period reaching 39 billion dollars by FY2028. Retail sales in malls across Mumbai, National Capital Region (NCR), Bengaluru, Hyderabad, Chennai, Pune, Kolkata, and Ahmedabad grew at a CAGR of about 3 per cent to reach 8 billion dollars in FY2022. In FY2023, the potential consumption in malls is estimated to surpass the pre-Covid-19 levels to reach USD 11 billion.”

The report also suggested that by the end of the first six months of 2022, the total mall stock stood at 8.6 million square metre spread across 271 operational malls in the top eight markets.