Gujarat: The slow and steady revival of malls in state

The story of malls in Gujarat has been akin to a sinusoidal wave some grew to scale new heights, while others failed, rather miserably.

In the region known for its centuriesold Mahajans (trade bodies) and entrepreneurs whose businesses have thrived over generations, the failure of certain malls came as a rude shock to aspiring retailers. However, all’s not over.

With new investments in the offing and a constant shift in the strategy of existing mall owners to dish out the right brand mix and experience to patrons, the slow and steady revival is keeping businesses afloat.

According to mall owners, rising appetite for luxury, more awareness and increasing disposable incomes are among key reasons for retail trade to grow overall, and as a result, malls as organized retail spaces are doing good business.

This is also driving the growth of new retail spaces here. Earlier this year, Ahmedabad saw an investment of Rs 850 crore by a mall developer, Phoenix Mills Limited, to open a mall spread over 7.5 lakh square feet of space, bringing in some 35 global luxury brands.

The group is also set to invest in Surat to bring up a similar mall, for which land acquisition has already been completed, industry sources revealed.