Shopping malls have long been seen as symbols of city growth and economic progress. In India, cities like Mumbai, Delhi, and Bangalore have seen a boom in malls. But now, there's a fascinating trend in smaller cities known as tier 2 cities. These cities are not as big as the metros but are crucial urban hubs. They are experiencing a retail revolution with malls becoming increasingly popular.
In this detailed analysis, Meghraj Singh Royal, a leading entrepreneur from the esteemed MRS Group, explores why malls are thriving in tier 2 cities in India.
Deloitte India and the Shopping Centre Association of India (SCAI) collaborated on a survey titled "Recognizing Malls and Shopping Centers as a New-Age Industry." It predicts a rapid growth rate of around 17% annually from 2022 to 2028 for this sector, outpacing overall retail growth.
The expansion of malls into tier 2 and 3 cities is driven by lower rental and operational costs, which support retail growth across India. From 2006 to 2017, these cities attracted $6.2 billion in retail investments, becoming significant players in India's retail scene.
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