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Malls back in business in 2022 with new leases seeing 'much higher rates’

business | Dec 22, 2022 4:48 PM IST

Malls back in business in 2022 with new leases seeing 'much higher rates’

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With the onset of the holiday season, CNBC-TV18 discussed at length with Sameep Pathak, CEO-Malls and Head of Retail at Oberoi Realty and Mukesh Kumar, MD and CEO of Quest Mall at Kolkata about what this has meant for footfalls and occupancy levels in malls.

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With the onset of the holiday season, CNBC-TV18 discussed at length with Sameep Pathak, CEO-Malls and Head of Retail at Oberoi Realty and Mukesh Kumar, MD and CEO of Quest Mall at Kolkata about what this has meant for footfalls and occupancy levels in malls.
First up, Kumar said new leasing are at much higher rates. “Rentals do not increase every two-three months because of long-term contract, but the new leases have been at a much higher rate,” he said.
According to him, India’s footfall has increased 20 percent year on year (YoY) and sales by 30 percent YoY. “The footfall has increased by 20 percent and sales increased almost 30 percent compared to last year in the month of December," said Kumar.
Meanwhile, Pathak said all categories are showing upward trend and specifically watches and apparels are seeing the highest trend.
“The top categories are athleisure, luxury, which is watches and apparels – they are the one who are seeing the upward trend,” he elaborated.
For the entire discussion, watch the accompanying video
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