59% year-on-year increase in underperforming retail assets in India's top eight cities, with 1.33 crore sq ft classified as "ghost shopping centers" in 2023.
India's top eight cities have witnessed a 59% year-on-year increase in underperforming retail assets, with 1.33 crore square feet of retail shopping centers classified as "ghost shopping centers" at the end of 2023. The National Capital Region (NCR) accounts for the highest ghost shopping center stock, followed by Mumbai and Bengaluru. This rise in ghost shopping centers is attributed to changes in consumer behavior, as more shoppers shift to online purchasing and larger shopping centers for a better experience. The number of ghost shopping centers increased from 57 in 2022 to 64 in 2023, leading to a loss of value estimated at Rs 6,700 crore or USD 798 million.
May 07, 2024
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