Declining Footfall and Safety Risks Behind VR Punjab Mall Shutdown

The VR Punjab Mall, operated by VR Malwa Private Limited in Mohali, has been shut down with immediate effect, leaving the future of hundreds of employees and stakeholders uncertain. According to the private company, the decision was taken בעקבות unforeseen impacts of an earthquake that struck on April 3. A technical assessment revealed that the building’s structure had become unsafe, prompting authorities to prioritize public safety and close the mall. The management of VR Malwa stated that a detailed evaluation conducted by its technical team identified serious structural risks in the building. Following this, local authorities, shop owners, and suppliers were informed about the closure. The company clarified that the mall will only reopen once the structure is deemed completely safe and fit for use. However, industry experts suggest that factors beyond structural concerns may have contributed to the closure. They point to declining customer footfall, financial losses, and increasing competition from newly opened malls in the surrounding area as possible reasons behind the decision. It is noteworthy that the mall was previously known as ‘North Country Mall’ before being rebranded as ‘VR Punjab’ in 2017. Despite the rebranding, its condition did not see significant improvement. In recent times, there have also been discussions about converting the property into a hospital. Over the past few years, Mohali has witnessed the opening of several new shopping complexes, leading to a decline in the prominence of older malls. In this context, another mall located on Airport Road is also reportedly on the verge of closure.