Prestige Group eyes mall expansion in Mumbai and Goa amid retail boom

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Prestige Group, an Indian property developer, is actively exploring opportunities to establish malls in Goa and Mumbai and searching for land in Delhi, according to a report by The Economic Times (ET). This expansion initiative is part of the company’s broader strategy to capitalise on the growing demand for physical retail space post-pandemic. While Prestige Group currently operates four malls in Bengaluru and Kochi, it plans to develop eight more malls across various stages in cities such as Chennai and Hyderabad, focusing on meeting consumer preferences for comprehensive shopping experiences.


Despite selling a significant portion of its retail business to Nexus Malls in the past, Prestige Group has decided to renew its mall portfolio. Plans for malls in Goa and Mumbai are slated for imminent announcements, while the company actively seeks land for expansion in the Delhi-NCR region.


According to ET, the upcoming malls will likely exceed one million sq ft to better accommodate consumer preferences for diverse retail options under one roof. The company’s expansion plans aim to develop over 13 million sq ft in 3-4 years. This would be a substantial increase from the 8 million sq ft accomplished over the previous two decades.

 

Prestige Group’s renewed focus on retail comes at a time when organised retail makes up only about 13 per cent of the total retail landscape in India. Reliance Industries also recently opened India’s largest luxury shopping venue, Jio World Plaza, this month. This presents developers like Prestige Group with a significant opportunity to meet the growing demand for malls, especially with brands seeking more retail space.


The firm has also reportedly recorded strong performance of the recently opened mall in Kochi, which has become the top-performing mall in the region. Bengaluru, a stronghold for Prestige Group, will also witness additional retail development, with some malls featuring integrated hotels, providing opportunities to expand the client base.

 

First Published: Nov 15 2023 | 10:15 AM IST