India News

Malls Bounce Back Despite Leasing Dip

Retail leasing across India’s top 8 cities reached 2.24 million sq ft in Q2 — down 6.3% YoY.

However, malls are regaining market share, contributing 45% (1.01 million sq ft) of this — a 42% increase over Q1. With no new supply this quarter, vacancy in Grade A malls dropped to 8.16%. Premium malls are tighter still at 4.28%.

[Source: Cushman & Wakefield]

Lulu Mall Secures Landmark Vizag Location

The Andhra Pradesh government has allotted 13.74 acres at Harbour Park, Visakhapatnam, for a new Lulu Mall.

Planned at 13.5 lakh sq ft, the project will feature a supermarket, retail, and family entertainment centre.

A 99-year lease includes a 3-year rent-free period (or until launch) under the Tourism Land Policy 2024–29.

[Source: The Hindu]

CPPIB Exits Phoenix JV with $871M Windfall

The Canada Pension Plan Investment Board is exiting its joint venture with Phoenix Mills by selling its 49% stake in Island Star Mall Developers.

Formed in 2017, the JV focused on retail-led mixed-use projects across India. Phoenix and affiliates will acquire the stake, with net proceeds expected at $871 million.

[Source: Phoenix Mills Disclosure]

Blackstone Acquires Kolkata’s South City Mall for ₹3,250 Cr

Blackstone has acquired South City Mall — one of Eastern India’s largest retail centres — for ₹3,250 crore.

Spanning over 1 million sq ft and housing 150+ stores, the asset generates ₹1,800+ crore in annual turnover. This marks one of Blackstone’s largest real estate deals in India, advised by ANAROCK Group.

[Source: The New Indian Express]

Global News

Al‑Futtaim Acquires 49.95% Stake in Cenomi Retail for $667M

Dubai’s Al‑Futtaim is acquiring a near-50% stake in Saudi Arabia’s Cenomi Retail for SAR 2.5 billion (~USD 667 million).The deal includes a SAR 1.3 billion shareholder loan. 

Cenomi currently operates over 800 franchise outlets. Al‑Futtaim’s retail expertise is expected to support Cenomi’s regional scale-up.

[Source: Reuters]

Mall of America Boosts Parking Ops with AI Video Analytics

Mall of America is scaling its AI-powered car counting system across a dozen-plus sites after a successful pilot.

The rollout began with a single camera mounted on an isolated light pole. Even then, the system delivered over 99% accuracy.

Now, with 5.6M sq ft, 500+ tenants, and 32M+ annual visitors, the mall is using real-time data to plan 300+ events and manage parking, traffic, and safety operations 24/7.

[Source: Retail Technology Innovation Hub & Omnitalk]

Lippo Malls REIT Grows Revenue Despite Currency Headwinds

Lippo Malls Indonesia Retail Trust posted a 4.5% YoY rise in gross revenue — SGD 50.3M in Q2 2025, up from SGD 48.1M last year.

This growth came despite a 4.8% depreciation of the Indonesian rupiah against the Singapore dollar. Targeted asset upgrades and tenant strategies helped lift occupancy to 84.1% in Q2, from 82.2% in Q1.

[Source: Reitsweek]

Dubai Turns Malls into Morning Fitness Hubs

As part of the ‘Mallathon’ initiative, Dubai has repurposed 7 malls as early-morning walking tracks.

Open daily from 7 a.m. to 10 a.m., the program supports public wellness during peak summer heat.

The effort is part of Social Agenda 33 — turning malls into community-centric infrastructure.

[Source: Gulf News]

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