Experts are of the view that supply is more than demand and therefore, the business is no longer profitable. Customers are not buying anymore and the mall owners are feeling the pinch. “Suddenly, the cash in hand has gone down and customers are not buying. Hence, the business profitability has gone down,” said IIM-Ahmedabad professor Piyush Sinha.

Sample this

* Future Group closed down its 70,000 sq ft Big Bazaar near Shyamal Cross Roads in Ahmedabad.

* Subhiksha shut down a couple of stores in Ahmedabad and is re-structuring its business.

* RPG group owned Spencer’s retail does not find Ahmedabad a viable business option and has decided to quit.

* Indiabulls have also closed two of their hypermarts in the city, as they are restructuring their business.

Retail Association of India, Gujarat chapter president Deepak Agrawal said, “If the condition of the economy doesn’t improve, there is a possibility that retail will be wiped out.”