Falling footfalls in Bhandup’s Magnet Mall, one of Mumbai’s biggest, has forced its developer to shut down and revamp the 10 lakh sq ft premises into an office-cum-retail complex.
Over the past few years, several malls across the country, including Mumbai, have been converted into commercial or residential complexes because of poor business. But market sources said Magnet is the largest in the country so far to take on a different avatar.
The mall business is considered uncertain because of high gestation and high investment. Only a few have succeeded. Property market sources said as many as 11 malls shut down in the country between 2010 and 2015.
Read more: Times of India