Mumbai Mall Sector Enters New Phase As Experience-Driven Retail Reshapes Urban Shopping Trends

Mumbai: Even as several malls across the Mumbai Metropolitan Region (MMR) have shut down or lost relevance over the years, real estate experts believe the region’s retail mall sector is entering a new phase driven by professionally managed, experience-oriented developments and shifting consumer preferences.

Over the past two decades, Mumbai and its suburbs saw a rapid expansion of mall culture, especially after 2005, when large-format shopping centres emerged across the city and peripheral suburbs. While some malls flourished, several others struggled to maintain footfalls, eventually shutting down operations or undergoing redevelopment. Oberoi Realty is expanding its retail footprint with upcoming mall projects in Worli and Thane, alongside steady growth in footfalls and experience-led spending across its existing properties.

The company said its retail strategy focuses on developing integrated lifestyle destinations catering to evolving urban consumers, particularly premium and well-travelled shoppers.

Among malls that have either shut or lost prominence are Nirmal Lifestyle Mall in Mulund, Centre One Mall in Vashi, Dreams Mall in Bhandup, City Mall and Mega Mall in Andheri. Experts also highlighted Raghuleela Mall in Vashi, now being converted into a commercial estate, while Kohinoor Mall in Kurla is yet to become fully operational.

Meanwhile, malls like Growel’s 101 Mall in Kandivali and Inorbit Mall in Malad continue to face rising competition from newer, larger retail developments.

Pankaj Kapoor, Founder and Managing Director of Liases Foras, said early mall development in Mumbai suffered due to lack of specialised retail management and limited understanding of consumer behaviour.

He noted that malls emerged from 2005 onwards and described how several early projects such as Nirmal and Centre One have lost relevance as consumers increasingly prefer larger, better-designed, experience-driven spaces.

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Kapoor added that consumer behaviour in MMR is shifting away from traditional high-street shopping towards malls due to urban density, safety concerns and lifestyle preferences. He said malls are increasingly becoming family spaces for leisure and social interaction, while high-street formats are declining.

He further noted that although some older malls have struggled, the sector remains resilient, with rentals rising and new formats gaining traction.

Industry observers said the next generation of malls in Mumbai will focus more on entertainment, food and beverage offerings, luxury retail and immersive experiences to sustain footfalls in a rapidly evolving market.

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