REUTERSShoppers are reflected in mirror inside a shopping mall in New Delhi, India, December 14, 2022. REUTERSIndia's small malls are increasingly turning into ghost malls as consumers move towards online purchases and bigger shopping centres for a better experience, a consultancy report said on Tuesday. Mall properties with a vacancy rate of more than 40% have been termed ghost malls. Unable to match the convenience and diversity of large shopping centres, many small mall owners are caught in a downward spiral of declining revenue, Zia said. However, among bigger shopping malls, with an average leasing area of 500,000 square feet, the vacancy rate remained at 5%, and at 15.5% among middle-level shopping malls, it said.
