Retail Dude

Their is a thought that if you want to recover from fever then eat more ice-creams. I hope this is not what Mall Developers in Chennai believe. Chennai is set to have 6 to 8 new Malls in next couple of years. Two of them will be functional by this year end. According to a report by Cushman and Wakefield, a well-known real estate solutions firm, 14 malls covering 6.2 million sq ft were to come up in 2010 and 2011, mostly in the southern and western parts of Chennai, but many are now on hold. Recession has not effected the retail market in Chennai except for high streets. Unlike other cities, Chennai has only two big malls and faces a huge demand-supply mismatch when it comes to organised retail, and retailers too need more space which is why the new malls are expected to be a hit. According to Jones Lang LaSalle Meghraj (JLLM), a leading real estate services firm, the share of organised retail space in Chennai is under 5% as compared to 35% in Delhi NCR and 17% in Mumbai.

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