Night Frank: 1 in 5 Indian Malls Are 'Ghost Malls'

• One-fifth of India's malls are closed or near closure, according to a Knight Frank report.
• The report surveyed 365 malls in 32 cities, finding 75 (20%) are empty "ghost malls" with 80% vacant shops and deteriorating infrastructure.
• Most "ghost malls" are in large cities and metros, while Tier 2 cities show better occupancy levels.
• Renovating these 1.55 crore sq ft of defunct mall space could generate an additional 350 crore rupees annually.

Why It Matters: 20% of Indian malls are empty, highlighting retail sector challenges and renovation potential.