- More and more customers visit shopping malls
The shopping malls, which experienced slump in the business during the pandemic situation, are slowly back on the rails. According to the latest reports, the rental income from retail malls registered increase and also the number of customers visiting the malls. Compared to the pre-Covid situation, the last fiscal year registered 27 per cent growth in the rental income of the malls. During the current fiscal year, the rental income is expected to increase by at least 10 percent. The number of footfalls of customers and increased sales led to increase in the gross revenue of the malls, reports indicate.
The trading value has gone up by 125 per cent as the number of customers visiting shopping malls multiplied. The increased purchasing power of customers and their taste to acquire premium products indicate the increase in trading value of the products. Even in the current fiscal year, the same trend is expected to continue. The operators of shopping malls will get good revenue. In this backdrop, the rent of the shopping malls is expected to increase by 3% to 4%, according to a report from the ICRA. The tendency of customers to spend more on jewellery, electronic goods, textiles, food, drinks and entertainment is increasing. Therefore, the business turnover of the malls is expected to grow by 45 per cent more. As a result, the rental income of operators of malls will increase by 8-10 per cent, the report predicted.
