Retail malls have always been a sign of city development and growth. In India, big cities like Mumbai, Delhi, and Bangalore are known for their numerous shopping malls. However, a fascinating trend is the growing popularity of malls in smaller, yet significant urban centers known as tier 2 cities. These cities may not be as large as metros, but they are crucial for economic activity and urban life.
Meghraj Singh Royal, a respected entrepreneur who heads the MRS Group, discusses the reasons behind this trend. He highlights how malls in tier 2 cities are becoming more than just places to shop—they're becoming hubs for community activities and economic progress.
Deloitte India and the Shopping Centre Association of India (SCAI) have collaborated on a report titled "Recognizing Malls and Shopping Centers as a New-Age Industry." According to their findings, this sector is expected to grow rapidly, with an estimated annual growth rate of around 17% from 2022 to 2028, outpacing the overall retail sector's expansion.
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