6 out of 23 shopping centres in city have less than 50% shops open
Times of India | 11 December 2025
Kolkata: One in four shopping centres in the city has been classified as a ‘ghost facility', given the high number of vacant shops and prolonged underperformance.
Real estate consultancy firm Knight India reviewed 365 shopping centres in 32 cities in India in its retail study, ‘Think India, Think Retail 2025 – Value Capture: Unlocking Potential'. Among the 74 ghost shopping centres across the country identified in the study, six were from Kolkata.
Among the 23 shopping centres in Kolkata, a majority of the six underperforming shopping centres are in the New Town-Rajarhat belt. The six ghost shopping centres, with a cumulative area of 1.1 million square feet, are grappling with high vacancy rates of around 55%. In contrast, the city's Grade A stock enjoys a mere 3% vacancy.
"The term, ‘ghost shopping centres', might conjure images of desolate corridors and empty storefronts, but these spaces hold untapped potential for a remarkable turnaround. The key lies in reimagining their purpose and adapting to the evolving needs of the community," said Knight Frank India national director (research) Ankita Sood.
"Ghost malls typically emerge where ownership is fragmented or management is inconsistent. But when an asset has singular ownership, long-term capital and a clear vision for curation and consumer engagement, it delivers sustained growth. India is a consumption-first, experience-led market, and the future belongs to high-quality retail destinations that evolve ahead of the customer," said Pratik Dantara, chief investor relations officer and head of strategy at Nexus Select Trust that manages 19 malls in the country.
Retail experts say these underperforming centres could reinvent themselves through strategic upgrade and repositioning. By transforming into mixed-use assets, these spaces could incorporate offices, residential units, hospitality and curated retail, unlocking higher long-term value.
One promising avenue for transformation is the conversion of the ghost centres into healthcare hubs. With a rising demand for quality medical infrastructure, especially in densely populated residential areas, these centres could transition into facilities offering diagnostic services, OPDs and wellness formats. This shift would not only address a critical need but also breathe new life into these spaces.
Kolkata's robust educational ecosystem also presents another opportunity. Select ghost centres could be converted into education-led facilities, hosting coaching centres, vocational centres or satellite academic facilities, contributing to the educational growth of the region.
Moreover, the rise of remote work and flexible office solutions opens the door for these centres to become co-working hubs. By providing modern, adaptable workspaces, they can attract startups, freelancers, and businesses looking for cost-effective office solutions. Entertainment hubs, too, offer a viable option. By incorporating cinemas, gaming zones and experiential retail, these centres can become vibrant social destinations.