The total retail space in the city stood at 76 lakh sq ft at the end of June 2012 quarter and while the city did not witness any mall completions, a considerable supply is expected shortly.
It is anticipated that nearly 16 lakh sq ft of additional mall space would be operational over the next 12 months and rents as a result, have remained broadly stable over the past eight months. Mall rentals here are Rs 178 per sq ft per month. Bangalore also saw absorption of 1.21 lakh sq ft in the quarter under review and overall vacancy rates were 9.1 per cent.
1 MG ROAD
This mall is surrounded by five-star luxury hotels and tourists to the city account for nearly 40 per cent of the footfalls here. As a
result, the retail offering are appropriately planned, and they include The Bombay Store, well known for its souvenirs and Foodhall
which offers the best in class cuisines.
It was also for the first time in India that Marks & Spencer, which prefers to be located on the ground floor of a mall, had instead
opened an outlet on the first level of this mall. This mall has also been designed like a mezzanine, for ease of shopping and to
also reduce the number of floors.
Spread across 8.5 lakh sq ft and its USP is a two acre lake outside the mall, and especially popular with visitors are the lakeside
cafes. As a result, this mall has been able to get footfalls of several lakh a month within about 18 months of its launch.
Orion also has one of the largest bowling alleys in the country with 23 lanes. The stores here range from 1,000 - 100,000 sq ft and 140 brands are present. This mall also has one of the largest parking spaces in the city with 1,200 cars in a two- level basement, coupled with another 2,500 in its multi-level parking space.
PARK SQUARE MALL
This mall caters to the nearly 27, 000 employees working at the nearby International Technology Park and is spread over
4.5 lakh sq ft. A key feature of this mall is that includes Vivanta by Taj, a 5-star hotel.
And, within nearly two years of its launch, the mall has carved its niche with outlets including Reliance Trends and Reliance
Hypermarket, coupled with the ‘Q’ Cinemas.
It is one of the busiest malls of the city with footfalls of nearly 13 lakh per month. And spread across 6.5 lakh sq ft, this mall targets the youth attending college and MNC executives, in the vicinity of the property. As part of that strategy, it has a PVR multiplex which houses 11 screens, coupled with a food court The Transit Lounge which closely resembles that of an airport.
This mall has monthly footfalls that exceed six lakh and it caters to SEC B and mid segment of South Bangalore. And, spread over six lakh sq ft, it is especially popular for its sports bar and 6D adventure mall.