India has 13.3 million sq. toes of ‘ghost shopping infrastructure’ throughout 29 cities that led to a loss of $798 million in CY2023, experiences Knight Frank India in a large ranging survey.
Categorising “low performing retail assets” as ghost retail, the real-estate agency estimated a 59% YoY rise in such actual property since 2022 in the “prime markets” whereas their numbers rose to 64 by the tip of 2023 from 57 in 2022.
As many as 16 shopping centres have been completely shuttered in these cities in 2023 and their whole decreased to 263, the agency mentioned in a examine titled ‘Think India Think Retail 2024’, launched on Tuesday.
Sharpest rise in Kolkata
National Capital Region (NCR) accounted for the best Ghost Shopping Centre inventory of 5.3 mn sq. ft (up 58% YoY), adopted by (*29*) with 2.1 mn sq. ft (up 86% YoY) and Bengaluru with 2 mn sq. ft (rise of 46% YoY). Hyderabad is the one metropolis to file a decline in the Ghost Shopping Centre inventory by 19% YoY to 0.9 mn sq. ft.
The sharpest rise in Ghost Shopping Centres was recorded in Kolkata at 237%, or greater than threefold, albeit on a decrease base, Knight Frank mentioned.
