Wednesday, August 13, 2008
China: 70 lakh sq. feet malls lying empty
South China Mall is the world’s largest shopping mall, according to this article in The National.My post on the fall of the Indian Retail Mall pales in comparison. If a mall with 70 lakh sq. ft. in China won't get takers, then real estate in that vicinity will just die. Horrible for cement, steel and consumer goods.At over 7 million square feet, it is double the size of the gargantuan Mall of America in the United States. It has an amusement park including a roller coaster; an indoor rain forest; and Las Vegas-style replicas of famous places, including a Venice canal and the Arc de Triomphe.
But it has one big problem: it’s nearly empty.
Is India going the same way?
Labels: Commentary
1 Comments:
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Although the mall opened in 2005, it suffers from a lack of retailers. Much of the retail space remains empty, with 99.2 percent of the stores vacated.[2] Many analysts say that the main reason the mall is so far largely unoccupied is that it is located in the suburbs of Dongguan, which means that it is only practical to travel there using a car. The mall is scheduled to close in July of 2008.
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Is this a warning bell to realtors who are constructing malls in less accessible places like far away from the city?
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