Compared to the retail business in organised sector of the countries like the USA and the UK, the organised sector business in India is less than 10 per cent. The per capita retail space in the USA is put at 23 square feet, while it is 16 per cent in Dubai. But, in India, the per capital space is only 2 sft.
During the past five years, the per capita income of the country registered 12 per cent growth to touch US $ 1961 mark, according to CEO of Anarock Chief Operating Officer and MD Pankaj Renzen. The retail property market in organised sector is growing at the rate of 20-25 annually. In 2019, the total space in shopping malls created was 85 lakh sft, registering a growth of 73 per cent compared to the malls’ space created last year.
Covid and lockdown imposed in its wake confined people to indoors and inclined to buy their necessities through online. The need for retail shop space has come down. As a result, compared to the retail mall space created in 2019, the mall space created this year has nosedived to 21 lakh sft. During the current year, 45 lakh sft of retail mall space is going to be created.
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