DLF to open its sixth mall in Delhi-NCR next year

While brick-and-mortar retail is suffering because of ecommerce, realty major DLF is ready to launch its sixth mall in Delhi-NCR by May next year at an investment of Rs 300 crores. Called the Emporio, apart from this relatively smaller mall at Chanakyapuri in Central Delhi, the Gurgaon-based developer will open the Rs 1,700-crores 'Mall of India' in Noida by November this year.

The 'Mall of India' has on offer a leasable area of about two million square feet and DLF has managed to lease over 90 percent of this space. The mall will have over 450 retail units, a seven-screen cinema, and a food court with about 1,000 seats. Despite several malls staring in the dark with no footfall, DLF has been witnessing a revenue growth 10-12 percent.

According to a recent CBRE South Asia study, India has more than 300 shopping malls, but only around 24 have been identified as successful, including DLF Emporio, High Street Phoenix, DLF Promenade, Select Citywalk, to name a few. Select Citywalk, for example, is currently 98 percent occupied. Its tenants include Mango, Zara, Aldo, Sephora and Tommy Hilfiger.