Ghost shopping malls rise to 64 across 8 major cities in ’23

New Delhi, May 7

The number of ghost shopping malls – those with vacancy of more than 40 per cent — increased to 64 last year from 57 in 2022 across eight major cities as retailers and consumers are preferring premium properties, according to Knight Frank.

Real estate consultant Knight Frank India on Tuesday released a report titled ‘Think India Think Retail 2024’ capturing the dynamics of shopping centres and high streets across 29 cities. The consultant found a sharp rise in low-performing retail assets across eight major Tier I cities.

National Capital Region (NCR) accounted for the highest ghost shopping centre stock measuring at 5.3 million sq ft (rise of 58 per cent Year-on-Year), followed by Mumbai with 2.1 million sq ft (rise of 86 per cent YoY) and Bengaluru with 2 million sq ft (rise of 46 per cent YoY).