Philips informed that the Indian retail market is still "under-utilised" with the share of organised retail being still low as such the country is an extremely important market for the group. Country’s young population’s per capita income and consumption is increasing by the day. Last month, the group launched a large shopping mall, comprising 2.2 million square feet of built-up area and one million square feet of leasable area, in Lucknow.
About future expansion of mall business in India, he said that the company is planning to have smaller malls of around 0.5 million square feet in the major districts of Kerala and it is currently constructing malls in Kerala in Calicut, Kottayam, Tirur, Perinthalmanna and Palakkad. Some of these properties will be fully owned and some will be on lease basis. That apart, it is refurbishing an existing mall in Hyderabad which will be operational in early 2023. On planned investment for the second phase of expansion of mall business in India, he said the company is finalizing a roadmap and will be announced shortly.