Mumbai malls rake in the moolah; owners confident of 100 pc recovery by December

Mumbai’s shopping centres have started hitting 90 per cent of October 2019 revenues, as more people step out and spend; hope for even more sales in the festive season

After facing pandemic-triggered headwinds for 19 months, malls in Mumbai and its satellite cities are on track to reclaim their zing. Business at some of these malls has touched 90 per cent of what it was in October 2019. As they expect more buyers to hit retail stores during Diwali, mall owners are confident of making a 100 per cent recovery by December. With the Mumbai Metropolitan Region opening up amid a growing number of fully vaccinated citizens, mall managements are hopeful of business running full steam.

Rajendra Kelkar, president (malls) at The Phoenix Mills, said the business has swiftly recovered in the past two to three weeks. “Apart from electronics and apparel, jewellery, home decor and other sectors are also doing good. As the travel industry is bouncing back, customers are thronging to stores related to travel and tourism. Overall it’s going good and we expect an increase in footfall in the coming week,” he said. The malls reopened two months ago, but business was lacklustre in initial days as many of their staffers, mostly youngsters, had not been vaccinated. From 20 per cent in those days, it began heading north with Ganeshotsav, followed by Navratri. 

Seawoods Grand Central in Navi Mumbai

Mukesh Kumar, SCAI chairman and Infiniti Mall CEO, said, “Shopping malls across Maharashtra have reported a strong recovery. During the festive season, consumers are more at ease and make more spends during such times. While the dwell time spent by consumers at malls have trickled down but the ticket size has seen a major uptick. With the upcoming festivities, we are expecting an 80-90 per cent of sales recovery.” Kumar added, “There would also be an increase in consumption of categories like ethnic wear, jewellery, electronics, gifting items and F&B.  Also, with the reopening of cinemas, movie buffs have started making their return to malls with much more confidence.” 

In Navi Mumbai, where all adults have received at least one vaccine dose, the situation is exciting for malls. “Malls were opened for double vaccinated citizens from August 15. Since then, the footfall has been increasing. As of now, we have reached 60 per cent compared to the 2019 Diwali season. We are expecting good business starting from Saturday,” said Rahil Nasir Ajjani, centre director at Seawoods Grand Central.

People seen in large numbers ahead of Diwali, on SV Road, Borivali, on Friday. Pic/Satej Shinde

Jayen Naik, senior vice president (operation and projects) at Nexus Malls, which owns 16  malls in 12 cities, said, “We are looking forward to this festival season, as we all know every industry has gone through tough times. Now, our industry is getting back on track. What we have observed throughout the country is that there is a significant rise in ‘serious’ buyers than casual visitors. We are confident of reaching 100 per cent recovery by December.” Electronics, gifting items and F&B.  Also, with the reopening of cinemas, movie buffs have started making their return to malls with confidence.”

Buyers delighted

Customers are also visiting malls in droves. “My friends and I visited R-City Mall, Ghatkopar, for Diwali shopping. We were sceptical about the stock and offers because of the lockdown. To our surprise, there were fresh stock at all the stores with amazing offers. I ended up spending twice the amount I had planned to,” said Sion resident Namrata Mankar. 

Retail stores too echoed the sentiments. “The business is 70 per cent compared to the 2019 festive season. If the third wave doesn’t strike, it will flourish in the coming weeks. Also, opening up of schools will give a boost to the business,” said Ramnik Gala, owner of Anupam Super Store, Borivali.

Malamall!

>> Casual visitors reduced
>> Footfall of ‘serious’ buyers up
>> Increase in purchase of electronic goods and home furnishing products

Aug 15
Day that malls in state were allowed to reopen

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