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Prestige Estates is planning an extensive mall expansion strategy, with 11 malls in the pipeline, covering a massive 9 million square feet of leasable area. Over the last nine months, Prestige has already opened three malls, and they have seven to eight more under construction. This ambitious project is expected to commence in 2025 and will extend over several years. Muhammad Ali, CEO of Forum Malls at Prestige Group, emphasized that these upcoming malls aim to offer visitors a holistic entertainment and cultural experience.
All these malls are part of Prestige Estates' commitment to diversify its real estate portfolio. They are primarily owned by Prestige Estates, although some are developed in partnership with others. These malls are strategically located in various cities across India, including Goa, Kochi, Chennai, Hyderabad, Mumbai, and Bengaluru, where they already have four malls.
Compared to their earlier mall developments, these new constructions are significantly larger, with each having over 1 million square feet of space. The shift towards larger malls is aligned with the changing dynamics of the retail industry. In these malls, approximately 25% of the space is dedicated to food and beverage brands, indicating a growing trend of mall spaces becoming dining and entertainment destinations rather than solely retail centres. Consequently, the fashion segment's space has been adjusted to accommodate these evolving preferences.
One notable development is the performing arts centre in Bengaluru, created by Prestige Estates, with a seating capacity of 3,000 to 4,000 people, an auditorium, and space for live music concerts. This indicates a broader vision of these malls to serve as cultural hubs, providing more than just shopping opportunities.
Additionally, these malls are designed to offer a diverse range of entertainment and cultural experiences for visitors and customers. Prestige Estates has been actively acquiring land for these projects, demonstrating its commitment to expanding its footprint in the retail and entertainment sector.
This significant investment in malls reflects the growing demand for modern retail spaces in India, where consumers are seeking more than just shopping when they visit malls. With these expansive and multifaceted malls, Prestige Estates aims to cater to the evolving preferences and needs of customers while contributing to the retail and entertainment landscape in various Indian cities.
In conclusion, Prestige Estates is embarking on an ambitious project to develop 11 malls with 9 million square feet of leasable area. These malls, set to begin operation from 2025 onward, are strategically located across several Indian cities and are designed to offer holistic entertainment and cultural experiences. This expansion aligns with the changing dynamics of the retail industry, emphasizing larger mall spaces with a significant focus on dining and entertainment options. Prestige Estates' commitment to creating cultural hubs within these malls underscores their dedication to meeting evolving customer preferences.
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