India’s Ghost Malls: Uncovering the Retail Reality

A report by Knight Frank reveals that one-fifth of India's malls are classified as ghost malls due to high vacancies. These malls face declining relevance but offer potential for rejuvenation through redevelopment. The study highlights the opportunity to unlock value in the retail sector by revitalising these centres.

A recent report by real estate consultant Knight Frank India has shed light on the concerning state of India's retail landscape, identifying 74 out of 365 shopping centres as 'ghost malls'.

These so-called ghost malls, representing over 15 million square feet of retail space, are plagued by high vacancy rates, weak tenant curation, and ageing infrastructure.

Despite the challenges, notable potential exists for redevelopment and adaptive reuse, presenting opportunities for transformation within India's retail sector.