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Asipac Study-Mall Demand Supply in Chennai - 01 Jun 2011

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  RESEARCH STUDIES ON MALLS IN INDIA    S  e  p    2   0   1   0 Demand & Supply of Mall Space in India CHENNAI  Demand & Supply of Mall Space in Chennai September 2010 Research Studies on MALLS IN INDIA 1 CONTENTS Background 2International Comparisons 2Malls in Chennai 4TABLE: Existing Malls in Chennai 4TABLE: Upcoming Malls in Chennai 5TABLE: Malls on hold in Chennai 6TABLE: Chennai Mall Space Demand & Supply - I 7CHART: Chennai Mall Space Demand & Supply - I 8TABLE: Chennai Mall Space Demand & Supply - II 9CHART: Chennai Mall Space Demand & Supply - II 10Map 11Demand and Supply analysis 12Methodology 14PRESS PAGE 15About Asipac 17Acknowledgments 17  Demand & Supply of Mall Space in Chennai September 2010 Research Studies on MALLS IN INDIA BACKGROUND In any major (modern) city, retail shops/outlets are usually spread across malls or shoppingcentres, high streets or main streets and neighbourhood strips. For the modern retail industry,and especially malls, to do well, the macro economic theory of demand and supply comesintoplay.There is obviously limited demand for retail space anywhere in the world and any oversupplypositions, especially in large percentages, are not just unhealthy for property owners,investors, occupants, consumers and other stakeholders, but also for the industry and theoveralleconomy at large.The table given below shows the per capita total retail space and the per capita mall space indifferentcountries around the world.Globally, there is broad consensus that the per capita mall space (PCMS) is in a hugeoversupply position in markets such as Dubai, USA, China and Singapore. On the other hand,Japan, UK, Sweden, Netherlands, Australia and NZ are much better off with the PCMS rangingbetween 3.8 sft and 6.8 sft. 2 CountryPer Capita Total Retail Space (sft)Per Capita Mall Space (sft) Dubai -- 25.3USA 46.6 23.1Singapore 15.7 7.2Australia, New Zealand 24 to 31 5.5 to 6.8Sweden, Netherlands -- 4.8 to 5.1UK 16.7 to 18 3.9Hong Kong, South Korea 14 to 16 --Japan 12 to 13 3.8South Africa -- 3.2Spain, France, Italy -- 2.7Russia, Turkey, Belgium -- 0.6 to 0.7  Demand & Supply of Mall Space in Chennai September 2010 Research Studies on MALLS IN INDIA In any market, there has to be some correlation between the PCMS and the per-capitaincome. So while 3.8 or 3.9 sft may not be considered as oversupply in Japan or UK, the PCMSof 3.2 sft in South Africa is definitelyin an oversupplyposition.Taking into account the above comparisons and considering  India’s  current per capita incomeand spending power, together with estimated growth rates for the next 5 years, Asipacestimates that the ideal PCMS in  India’s  top 20 urban centres is about 1.25 square feet perperson, but this can fluctuate from 1.0 sft and 1.5 sft in different micro markets, based on theper-capitaincome of that particular micro market. sft=squarefeet;1sqmor m 2 =10.764sft 3
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