Shopping
malls in major cities may witness a decline of more than half in
footfall this Diwali, with the trend of online buying catching up on
the back of discounted sales by e-tailers, a survey today said. "In
the wake of unprecedented surge in e-commerce, shopping malls,
already under huge pressure due to large vacant spaces, are expected
to see a sharp decline in the footfalls to the extent of 55.58 per
cent during the ongoing festive season this year," a survey by
Assocham revealed. Delhi-NCR has recorded the highest decline in
footfalls in the city malls. As per the survey, about 120-150 malls
in Delhi-NCR were launched in the past two years but almost 65-70 per
cent of the spaces in many of these malls remains vacant. "Several
malls, unable to attract the shops, are even shutting down," the
poll said, adding that the major factors that attributed to this
situation are economic slowdown, online shopping, high interest rate
and inflation in consumer goods. The survey drew responses from major
cities in the NCR (National Capital Region), apart from Delhi,
Mumbai, Chennai, Ahmedabad, Kolkata, Hyderabad, Bangalore, Chandigarh
and Dehradun. In the nine major cities, more than 59 percent of the
total mall space remains vacant, with Delhi-NCR topping the list with
68.5 percent, followed by Mumbai at 65 per cent, Ahmedabad (61 per
cent) and Chennai (60 per cent). According to the survey, several
developers have already started giving rent-free period of up to six
months for big brands to lure retailers. Both retailers and
consultants seem convinced that the mall magic seems to have
disappeared in a puff of smoke on the back of the economic slowdown,
poor revenue model, low footfalls-to-sales conversion and lack of
special purpose malls, the survey added. The festival season this
year has triggered a huge rise in online shopping and may cross the
Rs 55,000-crore mark, resulting in the halving of footfalls in malls
in places like Delhi, Mumbai, Chennai, Ahmedabad, among others
Assocham said. The study reveals that there may be a five-fold
increase in the revenue clocked in by the eCommerce websites in
categories including mobile phones, electronics, designer furniture,
home decorations, apparel, accessories, jewellery and footwear.
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