Two new Shopping Malls coming up by end of 2024 in Suburban sites of Bengaluru

Reportedly, two new shopping malls are coming up in the heart of Silicon Valley of India Bengaluru. The shopping malls are spanning across a total area of 0.58 million sq ft and it will be open for the visitors from the end of 2024 in the suburban area.

The inclusion of these two malls will inject over half a million square feet of new stock to the market and It will significantly boost boosting retail inventory by attracting new customer segments. 

According to the report globally acclaimed real estate service platform JLL, the steady demand for space at superior malls with high footfall is likely to drive up both rents and capital values. These malls are considered attractive by retailers due to their established customer base and high potential for sales.

Due to the high interest in superior malls, Levi's, Derma Co and United Telugu Kitchens have leased space in Nexus Koramangala Mall, Lulu Mall and Falcon City Mall. Additionally, Westside has opened seven new stores on busy streets while Kia brought their two new showrooms to JC Road and Ejipura. Other well-known retailers such as Bastian, Ferrari,Marks & Spencer ,Macaw By Stories,and Think Work are also opening up shops.

One of the malls in the Secondary submarket was removed, bringing the city’s total retail space down to 14.69 million square feet. Although no new malls opened this quarter, two malls in the Suburbs submarket, SBR Keerthi Mall and Brigade Cornerstone Utopia, are scheduled to open by the end of 2024.

The popular Indian retail chain Westside launched seven new high street stores, while Kia unveiled two new car showrooms on JC Road and Ejipura. Other retailers that opened stores include Bastian, Ferrari, Marks & Spencer, Macaw By Stories, and Think Work.

The removal of a mall from the Secondary submarket led to the city's total retail inventory being diminished to 14.69 million sq ft.

Although no additional malls became operational during the quarter, by end-2024 SBR Keerthi Mall and Brigade Cornerstone Utopia in the Suburbs submarket are scheduled to open.

Mall rents and capital values experienced a slight increase, with an insignificant uptick of 0.9% and 1.4% q-o-q respectively due to heightened demand at high-end malls; however, they generally remained stable.

The Submarket classified as Secondary witnessed a notable 2.2% hike in rents, which can be attributed largely to the closure of one mall. However, there was only slight growth observed in both Prime Central and Suburbs submarkets. The new shopping malls in Bengaluru will boost the employment opportunities which were slightly down during the quarter.