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Forum Malls, part of Prestige Group, is set to nearly double its presence in India by opening 14 new shopping centres across major cities by 2029. The company is focusing on metropolitan areas where consumer spending power and interest in branded retail are strong, while tier-II cities show limited appetite for premium offerings. Plans include India's first athleisure-focused mall near Bengaluru. The expansion aligns with the festive season, which contributes significantly to revenue, and the company expects higher footfall following recent consumer tax cuts. Bengaluru remains its core and competitive market.
Forum Malls, the retail division of Prestige Group, is preparing to almost double its shopping centre portfolio by launching 14 new malls in major Indian cities by 2029, according to CEO Muhammad Ali. Currently managing 11 malls, including eight in collaboration with Nexus, the company is focusing on metropolitan areas such as Delhi, Mumbai, Bengaluru, Chennai, and Hyderabad. Advertisement
Despite the growth of online shopping, physical malls in large Indian cities continue to see consistent demand, driven by urban consumers' preference for experiences and branded products. Ali noted that tier-I cities offer significant growth opportunities, while tier-II cities, though more affordable, do not show the same appetite for premium retail. He highlighted that urban markets combine both purchasing power and a willingness to spend, which tier-II cities often lack.
In a first for India, Forum Malls plans to open an athleisure-focused mall near Bengaluru's international airport by 2027. The 800,000 sq ft complex will host international sportswear brands, fitness equipment stores, yoga studios, and lifestyle outlets, catering to the rising demand for health and active lifestyle products. The investment details for these new developments were not disclosed.
The expansion coincides with India's peak festive season when shoppers increase spending on high-value items and malls attract crowds with special events and decorative displays. Forum Malls generates nearly 30%-40% of its annual sales during this period. Following recent tax cuts on numerous consumer products, Ali anticipates a 15% increase in footfall and revenue in October, not accounting for the added impact of the reforms. He emphasized that the company prioritizes the festive season, dedicating a substantial portion of its marketing budget around 30%-40% to these months and starting preparations as early as January.
Bengaluru, Forum's strongest market, houses key properties including Forum South Bengaluru and Forum Rex Walk, alongside a network of Nexus shopping centres. The city remains a competitive hub, with rivals such as Phoenix Mills, Orion, and VR Bengaluru actively vying for consumer attention.
Source- Reuters
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