HYDERABAD: With most IT companies yet to resume working from offices and people still taking time to overcome fears of Covid-19, the retail space market in Hyderabad is still waiting for better days.
According to Jones Lang LaSalle’s (JLL) ‘monthly pulse real estate monitor’, demand for retail space in Hyderabad has continued to remain sluggish.
Of the eight metropolitan cities, only Ahmedabad and NCR witnessed improvement in mall leasing after lockdown restrictions were eased, while in the remaining cities, leasing activity remained muted in malls, stated JLL’s report.
As per the report, the average monthly rental value of retail space in Hyderabad is `130 per sq ft while the capital value stands at `13,000 per sq ft. Among all metros, Mumbai has the highest monthly rental value in retail space at `150 per sq ft a month.
Usually, malls are always abuzz with families and children flocking in good numbers to retail shops, gaming zones and food courts. However, since the pandemic, the footfalls have dropped at some malls. Moreover, a lack of big movie releases after the second wave has also impacted businesses in malls. All malls in the State reoponed on June 1 after the second wave.
There are around 18 malls in Hyderabad. To provide customers a safe shopping experience in malls, managements have been sanitising touch points daily, carrying out temperature checks of the staff and customers, maintaining social distance and making masks compulsory for visitors.
Kalishetti Naidu, a retail space expert, said that retail space in malls has been drastically affected in Hyderabad for the past three months. “Since many IT employees are working from their hometowns and people are still wary of the pandemic, the retail space, particularly in malls, has faced a Covid-19 bump with customer spending remaining low,” he said. However, the retail sector is pinning its hopes on the festive season and expecting it to give a boost to the retail business, Naidu said.
Festive season may improve biz: Expert
Kalishetti Naidu, a retail space expert, said that retail space in malls has been drastically affected in Hyderabad for the past three months. It may not reach pre-Covid-19 levels, but could improve overall business in the upcoming festive season, he said