• UGI USER
  • May 08, 2024
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INDIA REPORTS 13 MILLION SQ. FT. OF GHOST SHOPPING CENTRES

Why in the news?

Knight Frank survey reports India’s 13.3 million sq. ft. of ‘ghost shopping infrastructure’ across 29 cities, leading to $798 million loss.

About Extent of Ghost Shopping Infrastructure in India:

  • Survey Findings:
  • Knight Frank India’s survey reveals India has 13.3 million square feet of ‘ghost shopping infrastructure’ across 29 cities.
  • This led to a substantial loss of $798 million in CY2023.
  • Low-performing retail assets categorised as ghost retail witnessed a 59% year-on-year increase in prime markets since 2022.
  • The number of such assets rose from 57 in 2022 to 64 by the end of 2023.
  • The National Capital Region (NCR) had the highest stock of ghost shopping centres, accounting for 5.3 million square feet, up by 58% year-on-year.
What is the Knight Frank report?

  • Name: Knight Frank Prime International Residential Index .
  • Established: Founded in 2008.
  • Purpose: Serves as a benchmark for prime residential prices worldwide.
  • Coverage: Includes cities and second home markets globally.
  • Function: Tracks and analyses trends in prime residential property prices.