A whopping five million sq feet of mall space is expected to spring up in the near future in Bangalore which will be dedicated to high-end malls.
There are some 10 malls being planned or being constructed in Bangalore and the newly-developing suburbs along the south-eastern periphery hold a lot of potential for mall type retail developments, particularly in the high end segment.
Sharing these developments with Business Standard, a spokesperson for Chesterton Meghraj Property Consultants, an international property consultant said: "The South-eastern periphery (Koramangala to Whitefield) holds prominence because the type of population that will inhabit these areas is of the higher income groups who live in deluxe apartments and villas.
Majority of these malls are expected to come up in the southern and south-eastern suburbs, while about 30 per cent will be in the Western and northwestern suburbs. The rest will be in Central Business District (M G Road, Residency Road, Brigade Road and the surrounding areas)."
According to a study carried out by the Research & Consulting Group of CMP, there are indications that the city will see more hypermart type developments in the future, given the success the existing ones are currently enjoying.
As mall developments are reaching a saturation point in the Central Business District areas, one can expect to see gradual introduction of such projects in the peripheral suburbs in the next three to four years.
"Size will matter, so malls which are large and good enough to be attractions or destinations by themselves will definitely do well in terms of business as well as footfalls. But they will have to ensure a good tenant-mix, good mall management, regular events and promotions besides providing the best of facilities and parking to the customers. Also for such malls, their location would be the key," said the spokesperson.
Commenting on how the mall scenario has been maturing in Bangalore, he said: "Bangalore saw the introduction of shopping malls in early 2004 with high-end malls like 'The Forum', 'Bangalore Central' and 'Leela Galleria'.
