Consumer Spending Fall Dramatically

30 July 2012 21:00 - Phoebe Robinson

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Consumer Spending Fall Dramatically

It seems like the emtyness of one of India’s biggest shopping centres is reflecting a cool down on India’s economic front. The shopping centre in Mumbai it is said “can feel like a lonely place” at the moment.  The shopping centre opened for business eight months ago in the eastern suburb of Kurla with a total floor area of 1.13 million square feet, this is around the same size as 15 football pitches.

India is Asia’s third largest economy and it is growing at a slow rate in fact the slowest pace in nine years. And this slow pace is forcing mall developers to scale back plans. It will take years for the glut of retail space conceived during rough times to be taken up.

"We are holding back on new store openings and focusing on our existing stores," said Ramesh Tainwala, chairman of Planet Retail. "We are shutting down some of our stores in areas where rentals are too high, and with the slowdown in consumption complicating things further," he said.

It is said that consumer spending should grow by only 5.7% this year in comparison with 24% in 2010, and in the words of Euromonitor International, this is a feeble pace for a domestic demand-led economy.

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Related Links:
• Euromonitor International
Official Site
• Planet Retail
Official Site

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