Malls make some recovery, but still short of targets

Malls make some recovery, but still short of targets

Mangalore Today News Network

Mangaluru, Nov 23, 2016: Reports have surfaced that in line with retailers, the malls also remained short of sales due to  the demonetisation move as there was little to cheer for traders with the visitors largely resorting to window shopping in the initial days of the drive.

Manoj Singh, General Manager, The Forum Fiza Mall at Pandeshwar said there was a 50% drop in footfalls in the initial two days and thereafter it has stabilised around 20% drop. ``The third day onwards people having plastic money started using it and we are seeing rise in card transactions,’’ he said adding that while earlier the cash to plastic money ratio as 70:30, now the trend has reversed.

The food court was the worst affected as it was cash transactions all along. ``Now we have started a card system which was there earlier where customers can load with cash. Now things are getting normal even at the food court,’’ Singh said. He hoped that things would return to normal in the coming weeks if Government allows more cash flow in the hands of public through ATMs. Similar was the situation in the other malls too and the traders hope that situation normalises soon.

Even the entertainment section has taken a hit in the initial days. The multiplex in Pandeshwar saw the drop at 50% and now it is at 20%. ``Of the 4,000 admissions during the weekend, we had only 2,500,’’ said a management representative.

The student crowd has reduced drastically, he said adding that the cash to plastic money ratio as 50:50 and remains so even now. It is expected the trend is to normal business everywhere.