kolkata: Kolkata has 5.6 mnsq ft of operational mall stock but a high concentration of Grade A malls at 45 per cent as of H1 2022.
According to a recent report by Knight Frank India, titled 'Think India, Think Retail 2022', the city recorded 5.6 mnsq ft of gross leasable area; nearly 6 per cent of the country's total mall stock across the top 8 markets.
Grade B malls comprised a maximum share of 48 per cent of the total stock in the city as of H1 2022. Grade A and C malls comprised a share of 45 per cent and 7 per cent of the total respectively.
The gross leasable area across 271 operational malls in top 8 cities in India stood at 92.9 mnsq ft as of H1 2022. A significant growth from 77.4 mnsq ft of gross leasable area registered until Dec 2019 across 255 malls in India. Grade A malls contributed 39 per cent of the total stock with 36 mnsq ft in H1 2022. High occupancy, strong tenant mix, good positioning and active mall management being the key driving factors.
Grade B mall stock, with decent occupancy and tenant mix, contributed 31 per cent with 29.1 mnsq ft. Grade C malls contributed the lowest 30 per cent (nearly 27.8 mnsq ft) during the same period.
High vacancy rates, poor tenant mix, and relatively poor mall management impacted the contribution by Grade C malls. Of the total number of 271 operational malls in India, Grade A comprises 52 malls accounting to 19 per cent . Grade B and C comprised 35 per cent (94 malls) and 46 per cent (125 malls)respectively.
As per the report, between FY 2017-2022, sales volume in the organised retail sector grew at a CAGR of 24 per cent reaching USD 52bn across the top 8 cities in India in FY 2022.