Thursday, 18 July 2024
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Prestige Group is considering expanding its malls

  • Prestige Group is actively looking for land in Delhi, Mumbai, and Goa.
  • Prestige Group has chosen to refresh its mall portfolio, despite previously selling Nexus Malls a sizable chunk of its retail business.
  • By the end of three to four years, the company hopes to have developed over 13 million square feet.

The Economic Times (ET) reported that Prestige Group, an Indian real estate developer, is actively looking for land in Delhi and actively investigating opportunities to build malls in Mumbai and Goa. This expansion project is a component of the business’s larger plan to profit from the post-pandemic increase in demand for real retail space.

Although Prestige Group presently runs four malls in Bengaluru and Kochi, it has plans to build eight more malls in different stages in places like Chennai and Hyderabad, with an emphasis on catering to the needs of customers who want all-inclusive shopping experiences.

Prestige Group

Prestige Group has chosen to refresh its mall portfolio, despite previously selling Nexus Malls a sizable chunk of its retail business. The company is actively looking for land for expansion in the Delhi-NCR region, and plans for malls in Goa and Mumbai are scheduled for announcement soon.

The upcoming malls, according to ET, will probably be larger than one million square feet to better suit consumer preferences for a variety of retail options under one roof.

By the end of three to four years, the company hopes to have developed over 13 million square feet. Compared to the 8 million square feet completed over the previous 20 years, this would represent a significant increase. 

The redoubled emphasis on retail by Prestige Group comes at a time when organized retail accounts for just 13% of India’s total retail market. This month marks the opening of Jio World Plaza, the largest luxury shopping complex in India, by Reliance Industries.

This gives mall developers like Prestige Group a great chance to satisfy the increasing demand, particularly from brands looking for additional space for retail.

According to reports, the company has also observed impressive results from Kochi’s recently opened mall, which has emerged as the best-performing mall in the area. Prestige Group stronghold Bengaluru will also see more retail development, with some malls having integrated hotels that present chances to grow the customer base.

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