Why Mall Owners Are Turning Towards Food and Entertainment?
F&B and entertainment sections see an increase in footfalls, so does the area mall owners are allocating to them.
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Entertainment and food and beverage (F&B) outlets are increasingly gaining ground at the expense of large apparel or departmental stores in malls across the country. As F&B and entertainment sections see an increase in footfalls, so does the area mall owners are allocating to them, at least three mall owners told BloombergQuint.
Traditionally, the area dedicated to F&B and entertainment outlets is much less, compared to apparel stores.
Consumers are spending heavily on F&B and entertainment, even as retail spending is on the backburner, Aditya Sachdeva, Director of retail at Knight Frank India said.
More Space Being Allocated
Nirmal Lifestyle, which shut its mall in Mulund in Mumbai, plans to open another mall in the same area but this time it will allocate nearly 40% of the mall space to food and entertainment while the remaining will be dedicated to apparel stores, Dharmesh Jain, managing director of Nirmal Lifestyle said.
Phoenix Marketcity in Pune is looking to increase the area dedicated to these sections by another 30,000-40,000 square feet by Diwali, according to Rajiv Malla, director of the mall. Currently, the mall allocates about 1,00,000 square feet to the food and entertainment sections.
Oberoi Mall, right from its inception, saw robust demand for food, beverages and entertainment and has allocated approximately 30% of its floor area for the same. “The average consumption of food, beverage and entertainment has increased over the last few years and we have seen our yields increase by 20% year-on-year,” said Anupam T, Vice-President of the mall.
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