Festive sales boost mall revenues in India

By guest author Suneera Tandonfrom Live Mint

India’s top malls, which struggled as covid cases surged, said footfall and sales in December 2020 recovered to 65 – 80 % of the levels reached a year ago, led by year-end festive buying, discounts, winter wear sales and even some resumption in dining in.

The recovery by DLF Retail, Inorbit, Nexus Malls, and Viviana Mall was led by electronics and home furnishings. “As compared to December 2019, we have recovered 65% of footfall and over 85% sales across most of the malls in our portfolio. We have seen a surge since the festivities have set in and people started shopping for traditional attire, beauty products, jewellery and electronics,” said Dalip Sehgal, CEO, Nexus Malls, which operates nine properties in the country. “For December, our sales were up by 20 % over November and the footfalls were up by 15 %,” Sehgal said.