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The experience economy and the substantial demographic dividend have led to the growth of the entertainment sector in India. As an indication of a significant shift in the country’s retail landscape , Indoor Amusement Centers (IACs) are emerging as a key driver of footfall and consumer engagement. The stock of IACs is expected to grow significantly, potentially reaching around 11 million sq ft by 2028, representing a 67% increase from current levels, showed a JLL India study.
Currently, over 90 malls across the country host multiple IACs and have around 6.6 million sq ft of operational IACs across over 500 centers in 83 cities. “Recent leasing activity has been strong, with 1.
43 million sq ft leased by IAC operators in the last 20 months. Delhi-NCR secured the largest share of this new leasing at over 0.3 million sq ft.
Bengaluru stood second with a total of 0.23 million sq ft take-up. By the end of 2024, 0.
61 million sq ft of new Indoor Amusement Centers, which have already leased spaces, are expected to become operational,” said Rahul Arora, Senior MD & Head - Retail Services and Office Leasing Advisory, India. These centers are becoming one of the major specialty anchors in retail developments and multiple indoor amusement centers are now present in prominent shopping malls. As developers recognize the importance of IACs in attracting visitors and boosting overall retail performance, the entertainment category is increasingly being integrated into initial mall design phases.
“Tier I cities are the leaders in both number and stock of IACs, driven by a confluence of factors including heightened consumer demand, greater spending ability, and an increasing appetite for experiential offerings. These cities account for 57% of IAC stock (3.75 million sq ft), with Delhi NCR leading at 0.
90 million sq ft across 68 centers. However, a noteworthy shift is emerging as demand for Amusement Centers is gaining momentum in tier II and tier III cities,” said Samantak Das, Chief Economist and Head of Research and REIS, India, JLL. Artificial Intelligence(AI) Java Programming with ChatGPT: Learn using Generative AI By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Basics of Generative AI : Unveiling Tomorrow's Innovations By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Generative AI for Dynamic Java Web Applications with ChatGPT By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Mastering C++ Fundamentals with Generative AI: A Hands-On By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Master in Python Language Quickly Using the ChatGPT Open AI By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Office Productivity Zero to Hero in Microsoft Excel: Complete Excel guide 2024 By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Astrology Vastu Shastra Course By - Sachenkumar Rai, Vastu Shashtri View Program Data Science SQL for Data Science along with Data Analytics and Data Visualization By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Web Development A Comprehensive ASP.
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P. Gupta, Professor: Department of Finance and Business Economics, University of Delhi View Program Marketing Performance Marketing for eCommerce Brands By - Zafer Mukeri, Founder- Inara Marketers View Program According to him, operators are capitalizing on this opportunity by establishing large-scale centers in these emerging markets, attracted by competitive real estate rentals and land availability. Tier II and III cities have 2.
8 million sq ft of operational IACs. In terms of regional concentration, the majority of the IACs in India are located in South India, primarily in Bengaluru, Hyderabad and Chennai. North India has the second highest concentration of IACs in the country, led by the National Capital Region and followed by Ludhiana and Lucknow.
Western part of the country ranks third, with Mumbai Metropolitan Region (MMR) and Pune leading the pack. Both homegrown and international operators are fueling the rapid development of indoor amusement centers throughout India. (You can now subscribe to our Economic Times WhatsApp channel ).
