Ghost malls in India are on the rise with each passing day. Do you know what this concept means, or why there is a rise in the numbers of these malls. Though the term sounds scary there is nothing relating to ghosts in it.
There are a number of ghost shopping malls in the country and the number is rising with each passing day. This increase could however affect the economy of the country contributing to an increase in the unemployment rate.
Recent a study reported that, small malls in India are turning into ghost malls. This happens when the shops in malls close down. This phenomena happens when consumers move to online purchases and bigger shopping centres for better experience.
The growing number of ghost malls across India reflects the low performance of malls. With the rise of new technologies and e-commerce sites, visits to malls has reduced remarkably. This has also resulted in decrease of the physical interaction between sellers and customers.
Shopping mall stores are making an effort to continue standing with competitive prices of online shopping. There are a number of malls in India in which the shop occupancy is only 40 percent has increased by 238 times in 29 cities.
The Knight Frank India’s latest report “Thinking India Retail: 2024”. has made a detailed survey in this regard and found out these figures of dismay for small shopping mall owners. With the constant increase of ghost shopping malls, Knight Frank India estimates a loss of 67 billion rupees, equivalent to 798 million dollars.
The reports also predicts that in future, there will be a marked decrease in the number of small standalone shopping malls.
