🛍 Mall Operators Make A Splash For Tier II, DLF And Nexus Push Further
It’s official. Not just in metros — but shoppers in tier-II cities are making a beeline for shopping at branded stores too. Mall operators like the Lulu Group have revealed that cities such as Indore, Lucknow, Ahmedabad, Jaipur, Udaipur, Chandigarh, and Mohali are soon set to see a supply of close to 2 million sqft of Grade A malls.
It’s been a while since the tier II emptors had it coming. Retailers are pushing to open stores in their cities amid increasing demand.
Leasing to get expensive
As things return to normalcy, India could see a 25% jump in new store openings in 2022 compared to last year. Over 5.1 million sqft. of space is expected to be leased — coming close to the previous 2 years’ combined figure of 5.9 million sqft.
Rentals for luxury brand properties like DLF Promenade in New Delhi are nearly 2x compared with mass-priced lifestyle brands. On the brighter side, the mall will get a pump of Rs.200 Cr for expansion by its operator.
Long-term plans
The realty major is also looking to more than double its retail portfolio and add about 5 million sqft in the next 5–6 years by investing Rs.3,000 Cr.
Scoot in your EVs
Nexus Malls, the Indian retail portfolio arm of the Blackstone Group, is partnering with Jio-BP, a fuel and mobility JV between Reliance+BP. As part of this partnership, Nexus Malls will be installed with 24x7 charging infrastructure for two and four-wheeler EVs.
The pilot will kick off at Nexus Malls in Navi Mumbai, Bengaluru, Hyderabad, Pune, and Ahmedabad this month.
Too long? Here’s a one-liner: Mall operators ramp up their game in tier-II cities; DLF to expand its retail portfolio; Nexus Malls partners with Jio-BP to fuel EVs at malls.
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