Two suburban shopping malls to open in Bengaluru by end-2024

These will inject over half a million square feet of new stock to the market.

Two new shopping malls, totaling 0.58 million sq ft, are set to open in Bengaluru’s Suburbs submarket by end-2024, boosting retail inventory and attracting new customer segments.

According to JLL, the steady demand for space at superior malls with high footfall is likely to drive up both rents and capital values. These malls are considered attractive by retailers due to their established customer base and high potential for sales.

Here’s more from JLL:

High demand for premium retail space in superior malls has led major tenants like Levi’s, Derma Co and United Telugu Kitchens to lease space in Nexus Koramangala Mall, Lulu Mall and Falcon City Mall.

Well-known Indian retail chain Westside opened seven new high street stores, while Kia’s two new car showrooms opened on JC Road and Ejipura. Other retailers opening stores included Bastian, Ferrari, Marks & Spencer, Macaw By Stories and Think Work.

No new malls open during the quarter; mall vacancies drop

One of the malls in the Secondary submarket was withdrawn, reducing the city’s overall retail stock to 14.69 million sq ft.

While no new malls became operational in the quarter, two malls in the Suburbs submarket, SBR Keerthi Mall and Brigade Cornerstone Utopia, are set to open by end-2024.

Rents and capital values show minor uptick

Mall rents and capital values remained largely unchanged, with respective marginal increases of 0.9% and 1.4% q-o-q due to increased demand at quality malls.

The Secondary submarket experienced the highest rent growth of 2.2%, largely due to the withdrawal of a mall, while Prime Central and Suburbs submarkets experienced marginal growth.