While there’s no official confirmation yet of its inclusion in the Nexus Select Trust portfolio, previous Blackstone acquisitions in India — including Select Citywalk, Elante, and the Prestige malls — were eventually consolidated under Nexus.

Should the mall be added, Nexus Select Trust’s portfolio would expand to 20 malls across 16 cities, with a total Gross Leasable Area (GLA) of 11.65 million sq. ft.

South City Mall: A Retail Landmark

Launched in 2008 by a consortium of Kolkata-based developers, South City Mall spans 1 million sq. ft. on Prince Anwar Shah Road. Anchored by a mix of premium Indian and international brands, a 1,400-seat food court, and a loyal catchment, the mall reportedly clocks annual turnover of ₹1,800 crore with weekend footfalls exceeding 2 lakh.

The asset is expected to benefit from Blackstone’s global retail expertise and operating leverage. Market sources indicate the acquisition was structured through a mix of equity and financing, valuing the mall at a benchmark-setting ₹32,500 per sq. ft.

Strategic Implications for Blackstone

• Eastern Gateway: This marks Blackstone’s first major retail asset in East India. Earlier, in 2018, it had acquired a majority stake in Esplanade One, Bhubaneswar (developed by Forum Group).
• Top-Tier Asset: South City is among India’s most profitable malls in terms of revenue per sq. ft.
• REIT Enhancement: The asset is expected to strengthen Nexus Select Trust’s earnings and investor appeal, if included.
• Long-Term India Bet: This deal aligns with Blackstone’s continued confidence in India’s consumption-led growth trajectory.

Nexus Select Trust: Now 20 Malls Strong

If South City Mall joins the fold, Nexus Select Trust would have:

• 20 malls
• Presence in 16 cities
• 65 million sq. ft. of GLA

Already the largest retail platform in India, Nexus manages a portfolio spanning metros and Tier 2 cities. In FY24–25, it reported 130+ million footfalls, ₹12,400 crore in tenant sales, and 97% occupancy.

A REIT With Momentum

Under the leadership of Dalip Sehgal, Nexus Select Trust has been reshaping post-pandemic retail in India by focusing on:

• Experiential formats(entertainment, F&B, co-working)
• Optimised tenant mix
• Digitally driven engagement
• Strong ESG practices

With Blackstone’s continued support, Nexus is actively pursuing Tier 1 and high-density Tier 2 city assets, backed by sustainable NOI and consumer loyalty.

Outlook: India as a Global Retail Play

India’s organised retail footprint is projected to exceed 160 million sq. ft. by 2027, fuelled by urbanisation, rising incomes, and aspirational spending.

With the acquisition of South City Mall, Blackstone signals its confidence in East India’s retail potential, while Nexus Select Trust stands poised to further consolidate its position as India’s most balanced and diversified retail platform.

At the Capital Markets Day hosted by Nexus Select Trust, a spirited fireside chat brought together three of India’s most influential minds in real estate: Anuj Puri, Chairman of Anarock Group; Tuhin Parikh, Senior Managing Director at Blackstone; and Arjun Sharma, Vice Chairman of Nexus Select Trust and Chairman of Select Infrastructure. With humour, history, and high conviction, the trio peeled back the layers of what powers India’s largest retail consumption platform.

From a Mall to a Movement: The Genesis of Nexus

Tuhin Parikh shared the strategic roots of Nexus Select Trust with characteristic candour: “There wasn’t some grand vision. Blackstone believes in doing few things, but going deep and doing them at scale. That was the thinking.”

Having seen the durability of location-led retail through his early days, Parikh was convinced that retail in India could be resilient and scalable. The first step came in 2016 with the acquisition of Amritsar’s AlphaOne mall. What followed was a blistering pace of platform-building, thanks to a core belief: great assets need great operators.

The Power of Partnership

For Arjun Sharma, aligning Select CITYWALK — India’s most iconic mall — with Nexus was both strategic and philosophical.

“When you have a partner like Blackstone, with deep respect for colleagues and partners, the decision is easy. Nexus’s platform allowed us to monetize while becoming part of something much larger. And Nexus’s playbook on acquisitions is just stellar,” Sharma said.

He underscored that consumption centres like Select are no longer just malls, but emotion-led ecosystems with marketing, footfall management, and lifestyle curation at their core.

Buy or Build? A Case for Strategic Acquisition

When asked about the ‘build vs. buy’ dilemma, Sharma noted: “If you’re looking at a 10 year return window, development and acquisition yield roughly the same IRR. But acquisitions de-risk the timeline and regulatory uncertainty. And with our team’s expertise, we can turn around underperforming malls in 12-18 months with 20%+ IRR gains.”

He cited Nexus’s recent acquisition of Vega City Mall in Bangalore and its exponential post-acquisition growth as proof of the model.

Why India’s Retail Real Estate is Different

Parikh highlighted the distinctiveness of Indian retail from its global peers. “In the West, malls are utilitarian. In India, they’re cultural hubs. Our malls are more infill, experience-driven, and cashflow positive. This isn’t just about square feet. It’s about purpose,” he said.

He also pointed out that while global investors were wary of retail post-2010, India’s demographic dividend and urban consumption behaviour presented a compelling counter-narrative.

Why REITs are the Future

As a pioneer of REITs in India, Parikh believes their best days are ahead.

“REITs offer liquidity, transparency, tax-free dividend flows, and are easier for generational wealth transfer. No small office or shop can compete with that,” he said.

Currently there are four REITs with 1 more launching soon, Blackstone is all-in on this asset class.

Tier 2–Tier 3: India’s Real Growth Engines

Sharma highlighted how smaller cities are outperforming expectations.

“Bhubaneswar’s Esplanade Mall has seen double digit CAGR over 5 years. Ludhiana sells the most Mercedes per capita. We’re seeing Zara and H&M keen to enter these markets through our platform,” he said.

Parikh recalled initial doubts during the Bhubaneswar deal, only to watch the asset become one of the top performers in the Nexus portfolio.

The Most Involved Asset Class

While Parikh manages offices, hotels, logistics and retail assets, he admits retail is the most engaging. “Logistics is passive. Hotels are intensive but third-party managed. Retail? It’s a living animal. You innovate daily — from events to marketing revenue to tenant mix. Five years ago, we had zero in marketing income. Today, it’s over Rs. 100 crore,” he revealed.

Sharma added: “Which other business gives you 75% gross operating profit? And that too with multiple income streams beyond rent — from events to brand launches to ad revenue.”

Long-Term Parentage and the Future of Nexus

Will Blackstone remain a long-term parent?

“That depends,” said Parikh. “But whether we hold it forever or not, the foundation is built to last. The moat is real, the team is unmatched, and innovation is constant. Anyone who tries to replicate this will have to go through years of pain we’ve already endured.”

Sharma added: “We’ve only increased our shareholding since listing. And I’ve told Tuhin, I want him to be Chairman forever.”

Rapid Fire with Retail Titans

One city ready to explode? “Gurgaon, Navi Mumbai, and southern tech hubs,” said Sharma.

One global brand you want tomorrow? “We brought Apple. Next? Harrods or Galeries Lafayette.”

One Indian mall outside Nexus you admire? “Phoenix Parel, for their ability to innovate and hold the moat for decades,” said Parikh.

Biggest strength of Nexus? “Energy,” said Parikh. “People,” added Sharma.

Conclusion: The Nexus Thesis

If one word defined the chat, it was “passion.” Whether it’s Blackstone’s scale philosophy, Sharma’s wisdom garnered by running India’s most successful mall, or Nexus’s exponential ambitions, one thing is clear: India’s retail renaissance is being shaped not just by capital and catchments, but by conviction.

And in that conviction, Nexus Select Trust is not just running malls. It’s building India’s consumption future.

India’s shopping centres are evolving at a dramatic pace. No longer just spaces to transact, malls are now experience engines, cultural arenas, social hubs, and data-driven consumption ecosystems. And that’s the story the industry is coming together to explore and co-author at Shopping Centres Next (SCN) 2025, on July 23–24 in Goa.

Organised by the IMAGES Group, SCN is India’s most influential forum for modern retail real estate stakeholders. This year’s theme, infused throughout the agenda, is a directional question: What’s next for India’s malls?

The answers are emerging from a confluence of trends: rising Tier 2/3 aspirations, the institutionalisation of retail assets, AI-driven retail planning, and a radical redefinition of what it means to be a “mall” in the age of connected commerce.

Let’s explore these shifts through a layered narrative inspired by the SCN 2025 agenda.

1. Recode the Mall: Purpose, People, Possibility

In this new era, malls must mean more. The old formula of footfalls and floorplates is giving way to climate-conscious architecture, hyperlocal tenant curation, and human-first design.

Success Story: DLF Avenue Saket redesigned itself from a retail property into a curated social and cultural space, with art installations, pet-friendly zones, open-air courtyards, and a strong emphasis on F&B.

Global Cue: Coal Drops Yard in London redefined mall culture by converting an old industrial warehouse into a high-design retail precinct, where shopping meets storytelling.

Next: India’s future malls will need to prioritise ESG metrics, urban integration, and cultural programming to remain relevant.

1. Shared Growth: From Landlords to Partners

The landlord-tenant equation is being rewritten. Malls and retailers are increasingly entering co-risk, co-reward agreements driven by mutual performance and shopper-centricity.

Case Study: LuLu Mall Lucknow partnered with 40+ tenants on a unified mall-wide festival, which increased weekend footfall by 27% and dwell time by 3x.

Case Study: Pacific Malls created a major industry moment by launching the Pacific Festival of Shopping—a multi-city campaign across its properties in Delhi-NCR, Dehradun, and Jaipur. With over ₹2 crore in prize giveaways, curated weekend carnivals, and gamified app integrations for brand discovery, the campaign delivered 30% growth in weekend footfall and heightened brand visibility for over 100 participating retailers.

Innovative Trend: Revenue-share leasing models, combined marketing campaigns, and shared customer data platforms.

What’s Next: Co-created loyalty programs, unified digital wallets, and deeper brand-mall collaborations on experiential retail.

III. Retail as an Asset Class: The Rise of REITs

India’s shopping centres are becoming institutional-grade assets. REITs like Nexus Select Trust are proving that malls can be stable, income-generating platforms.

Nexus Snapshot:

• 19 consumption centres
• 6 million sq ft retail GLA
• 130 million footfalls
• 2% occupancy
• INR 124 Bn tenant sales (FY24–25)

Next: Expect consolidation of Grade A malls under REITs, more foreign institutional interest, and capital-backed innovation in mall operations.

1. Beyond Brick & Mortar: Format to Ecosystem

Today’s shopping centres aren’t just places to buy—they’re ecosystems that blend retail, dining, co-working, health, and culture.

Case Study: Taurus Zentrum, Thiruvananthapuram is India’s first integrated retail destination located inside a tech park. The larger Taurus Downtown development offers over 700,000 sq ft of gross leasable area with retail, potential hospitality space, convention venues, and SEZ/non-SEZ parcels. This pioneering model brings lifestyle and commerce directly into Kerala’s IT corridor, with built-in customer flows from nearby tech campuses and government offices.

Case Study: Avenue Mall @ Texvalley, Erode stands out as South India’s first and largest outlet mall, spanning over 500,000 sq ft within the 2 million sq ft Texvalley textile hub. Developed by Beyond Squarefeet, it fuses wholesale strength with aspirational retail, offering factory outlets, regional fashion brands, local artisans, F&B, and entertainment. Its curated Independence Day launch is set to mark a cultural milestone for Tamil Nadu’s Kongu belt and a new benchmark in Tier 3 retail transformation.

Case Study: Phoenix Malls activated a mall-wide digital-first experience at Phoenix Mall of Asia in Bengaluru with QR-based rewards, influencer-led soft launches, and a cultural calendar featuring car rallies, stand-up comedy shows, and art installations. The launch phase saw over 20 million digital impressions and a 40% spike in weekday footfall compared to projections.

Global Benchmark: Westfield Century City, LA offers valet parking, rooftop lounges, digital concierge, and event programming to enhance lifestyle relevance.

Next: Mixed-use destinations will dominate; malls will function like mini-cities.

1. Connected Commerce: From Browsers to Buyers

Digital and physical are no longer distinct spheres. Today’s consumer expects to browse online, touch offline, pay anywhere, and receive products everywhere.

Example: Inorbit’s e-Shop initiative lets consumers shop from their favourite mall brands online and pick up in store or opt for delivery.

Global Trend: Malls offering smart parking, AR navigation, mobile POS, and in-mall app integrations.

Next: Shopping centres as omnichannel fulfillment hubs; QR-led discovery in physical aisles; embedded online-to-offline triggers.

1. Reviving the Empty: Activating Underperforming Zones

Vacant zones hurt more than just revenue; they impact shopper perception. Leading malls are responding with creative reuse and short-format experimentation.

Example: DLF Promenade’s Pop Box model cycles through emerging D2C brands every 30 days, bringing freshness to underused spaces.

Next: Expect test zones, pop-up culture, influencer collaborations, and rotating themes to bring vibrancy back to quieter pockets.

VII. Move the Market: Shared Consumer Strategy

Malls and brands are no longer separate storytellers. Together, they must script narratives that connect emotionally and culturally.

Example: Quest Mall Kolkata curates regional food festivals, Bengali indie cinema screenings, and local art to build deep cultural resonance.

Trend: Brands creating mall-exclusive SKUs, storytelling-led visual merchandising, and mall-wide thematic events.

Next: Mall as cultural platform—one that inspires, not just sells.

VIII. The AI Advantage: Precision-Led Planning

AI is transforming how shopping centres are built, leased, and managed. From catchment analysis to predictive leasing and tenant rotation, data is now the key tenant.

Use Case: Inorbit Malls, in partnership with Waysahead Global, uses AI to predict catchment trends, plan tenant mix, and adjust lease durations.

Next: Expect AI-driven mall layouts, heatmaps for dwell zone optimisation, and even tenant scoring models.

1. Retail Architecture as Urban Catalyst

Malls are increasingly shaping not just consumption but the very fabric of cities. Architecture, urban design, and placemaking are becoming key mall strategies.

Case Study: Phoenix High Street Phoenix in Mumbai transformed a former textile mill compound into a mixed-use precinct, combining luxury retail, hospitality, residential towers, and cultural venues. It now anchors the city’s most dynamic commercial district.

Next: Future malls will co-develop infrastructure with city planners, offer transit integration, and invest in open, programmable public spaces.

Conclusion: From Next to Infinite

Shopping Centres Next is more than a theme—it’s a mandate. India’s malls are standing at the edge of reinvention, with infinite possibilities ahead.

As developers, retailers, REITs, architects, and tech platforms gather at SCN 2025, they’re not just discussing the future of malls. They are, in fact, building it.

The next era of shopping centres isn’t about more space. It’s about more meaning, more collaboration, and more imagination.

Because Shopping Centres Next… means Shopping Centres Better.

Agenda link: https://www.shoppingcentresnext.com/agenda-2025/

Speakers link: https://www.shoppingcentresnext.com/speakers-2025/