There was no information of any injury or casualty till 3 PM though 50 employees were in the mall when the fire broke out at 11.30 AM.
The fire was first noticed at a garment showroom in the mall.
Property worth more than Rs one crore was reduced to ashes as the fire spread to four other shops in the vicinity.
About 150 personnel of fire service, police and ODRAF and 17 fire tenders have been pressed to douse the flames.
The fire is yet to be controlled.
The shopping mall is located at Palamandap, near Badambadi bus terminal, the biggest bus depot of the city.
The incident has disrupted vehicular traffic between Badambadi and Link Road.