The second wave of COVID-19 has caused losses worth crores of rupees to shopping malls across India. They were able to operate at full capacity for only four months since March 2020. Multiplexes located within malls too have either shut down or running at low capacity since the start of the pandemic. Shopping malls in India attracted large amounts of foreign investments over the past decade. As per a Money Control report, between 2008 and 2020, both completed and under construction malls attracted investments worth $3.5 billion. Nearly 65 per cent of this was generated in the last three years.
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