For instance, if there is a new residential colony that has been built or an underserved demographic segment, only then are entrepreneurs willing to set up new outlets in malls. And, this phenomenon has resulted in very high vacancy levels at several south Mumbai malls, including Atria mall and their exclusion from our listing.
Malls in suburban city locations have a far greater of chance of success, given that there are no existing high streets in these areas and these shopping centres have evolved into ‘community’ destinations especially, on weekends.
Furthermore, upscale or premium malls in these locations with established anchor stores and top of the line brands, coupled with suitable dining facilities have a greater possibility of success vis-à-vis smaller malls. As per various market research reports, there are 1200 malls operational in India at the end of 2012.
Needless to say, the tenant mix at malls is changing rapidly and an anchor store at a mall, may not necessarily follow that strategy several years later.