Indian Retail Reels Under Coronavirus Concerns
Closure of malls and multiplexes across metro cities will hurt retail business, says Anarock.
The order of closure of malls and multiplexes across many cities by the respective state governments for curbing the spread spreading of the coronavirus has caused the organised retail scene to come to a grinding halt, according to Anarock Retail.
Ahmedabad, Bangaluru, Chennai, Delhi/national capital region, Hyderabad, Kolkata, Mumbai, and Pune have 126 malls sprawling over more than 61 million square feet area, and more than 100 malls have multiplexes attached, the property consultant said.
"Wherever it has been mandated, there will therefore be a high number of establishments that need to shut down for operations. Even short-term closures will have significant financial implications," Anarock Retail's Managing Director & Chief Executive Officer, Anuj Kejriwal said in a statement.
"However, what matters more is that these establishments attract massive footfalls. In a health crisis like the coronavirus pandemic, shutting them down can be a major step forward in terms of harm prevention," Kejriwal, however, added.