Indian retail which comprises of malls, multiplexes and others will be the new victim of corona virus. The reason governments asking malls and other outlets to shut down.
By Varun Singh
Indian retail will be facing a tough time now. The corona virus which has already derailed a lot of things, will now have a major impact on the retail business.
Amid the rising number of coronavirus cases in the country. The order of closure of malls and multiplexes across many top Indian cities by the respective state governments to prevent people congregating for any reason, has caused the organized retail scene in these cities to come to a grinding halt.
Only on Friday did the Maharashtra government decided that that certain places where the public congregates shall be closed.
Many offices have asked their staff to work from home so that they can avoid the deadly corona virus infection.
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Anuj Kejriwal, MD & CEO – ANAROCK Retail says, “Wherever it has been mandated, there will be a high number of establishments that need to shut down for operations. Even short-term closures will have significant financial implications.”
The top 8 main Indian cities have 126 malls sprawling over more than 61 mn sq. ft. area, and more than 100 malls have multiplexes attached.
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.
|City||Number of Malls||Area in Mn sq. ft.||No. of Malls with Cinema|
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