Of the six big mall launches of 2023, two are malls in Kerala from developers like Lulu Group and Prestige Group
New Delhi: God’s own country Kerala has fared well in shopping centre supply this year. The state, a leading tourist destination, is also emerging as a leading retail destination with two out of the six new malls, that were opened in India this year.
Forum Mall, Maradu, Kochi by Bengaluru-based Prestige Group was launched in August and Lulu Mall Palakkad by multinational conglomerate Lulu Group International opened in December.
For Lulu Group, the Palakkad mall is the retail major’s fourth in the state after its centres in Edapally, Kochi; Technopark, Trivandrum and the Y mall in Triprayar. With the new launch, Lulu has successfully forayed into most regions of Kerala.
The Forum Mall in Maradu, Kochi is the first forum outside Bengaluru and also the first outside the state of Bengaluru from the developer.
Malls in Kerala
Spread across 14 districts with a population of over 3.5 crores as per the 2018 census, Kerala is home to major developers and malls. These include the Oberon Mall, Center Square Mall, ABAD Nucleus Mall, Focus Mall, Capitol Mall, Grand Centre Mall, and Mall of Travancore spread across major cities like Trivandrum, Kochi, Thrissur, Calicut, Kannur and Palakkad.
Capital city Thiruvananthapuram houses leading malls, including Lulu Mall and Mall of Travancore, amid the city’s IT hub in Kazhakootam, offering consumers to experience varied renowned brands and food & beverage options in the city, as per data shared by CBRE exclusively with IndiaRetailing.
The demand has been consistent over the years.
“Retail demand across investment-grade malls, prominent high streets, and standalone developments has grown consistently in Kerala since 2020,” Anshuman Magazine, chairman & chief executive officer – India, South East Asia, Middle East & Africa, CBRE told IndiaRetailing.
Major developers in the state include Confident Group, National Builders, Veegaland Homes, Skyline Builders, Abad Builders and many more.
“The grand opening of our Palakkad mall showcases the vibrant retail potential in Kerala. This strategic move, focusing on tier 2 and 3 markets, aligns with Lulu’s vision for growth,” Shibu Philips, Director – Shopping Malls, Lulu Group India told India Retailing.
Kochi leads Kerala supply
The total Grade A retail supply in Kochi in 2023 stood at 1 million sq. ft.
With the new launches, the queen of the Arabian Sea and Kerala’s popular city Kochi now has over 10 shopping malls including two key malls, Lulu Mall and Oberon Mall, which house global brands and value formats.
“During the Jan-June 2023 period, retail leasing in Kochi stood at 0.11 mn. sq. ft., with fashion and apparel accounting for 57% share, followed by homeware and department Stores (23%) and Luxury (7%),” added Magazine.
Increase in disposable income, smart city recognition by the government, developing infrastructure and airport connectivity, availability of land, and successful brand launches in tier II, III, and IV markets are some of the factors that are nudging retailers to expand their presence, as per CBRE.
“As we embark on this exciting journey, launching five more mini-shopping centres this year, we are optimistic about contributing to and further unlocking the immense potential of Kerala’s thriving retail landscape,” Philips of Lulu Group India said. “It’s worth noting that our existing malls in Kochi, Trivandrum, and Triprayar prosper, prompting our decision to expand,” he added.
