Developers now focus on new growth menu: Food-only malls
While Bengaluru-based Prestige has recently opened a 125,000 sq ft mall housing only restaurants and cinema, it is planning a 500,000 sq ft mall on a similar concept. Delhi-based Omaxe Group is developing a mall in New Delhi's Chandni Chowk area where 70% of the space will be dedicated to restaurants; another listed developer Signature Global already runs a food-only mall in Ghaziabad.
Mumbai-based Phoenix and New Delhi-based DLF are also doubling space for restaurants at their existing as well as upcoming properties after seeing consistent increase in customer footfalls and revenue growth from eateries post the pandemic.
«We have taken a lot of feedback from the operators of our first food-only mall, and we are using that for better experience in the second mall, which will be bigger. Eating out has emerged as the biggest trend post Covid and that has made us confident to do a bigger mall where every restaurant will have an outdoor space,» said Muhammad Ali, CEO, Forum Malls of Prestige group.
Food and beverage outlets covered about 10% of the retail space in malls until about three years ago, which has now risen to 20%.
Mall operators say they are ready to give more space to eateries.
«Food is big business, and it becomes unbeatable when paired with the right ambience. That's precisely what we have done at Dawatpur, the Omaxe Chowk food court,» said Mohit Goel, managing director, Omaxe Group.
Omaxe Chowk in Chandni Chowk has 375,000 sq feet of leasable area, of which 100,000 sq ft is dedicated to F&B outlets.
