An investment splurge by private equity majors and international wealth funds has breathed fresh life into sluggish traditional retail.
The concourse at the Seawoods suburban railway station in Navi Mumbai may seem an unlikely venue for leading Indian and international brands to vend their wares. But take the escalator, and you will be instantly transported to the glitzy granite-and-glass interior of an opulent shopping mall. From Sephora and Mac to Forever 21 and H&M to Big Bazaar and Lifestyle, the storied brands are jostling for attention at the swanky Seawoods Grand Central Mall.
The Seawoods Mall opened last year after private equity major Blackstone Group acquired it from L&T Realty for ₹1,450 crore in 2016. And in many ways, it represents the new buzz in the country’s retail mall space. The year 2017 has seen 6.4 million sq. ft of new retail space completed, according to property consultancy firm JLL India, making it the highest net absorption in a year since 2011. The sector will pick up the pace further as more than 20 million sq. ft of mall space is slated to come up in the top seven cities (Delhi-NCR, Mumbai, Pune, Bengaluru, Hyderabad, Chennai and Kolkata) by the end of 2019. Of this, 11 million sq. ft should be completed in 2018 alone. Commercial real estate services firm Cushman & Wakefield estimates around 34 new malls (13.6 million sq. ft of new mall space) will be operational in the top eight cities (including Ahmedabad) by 2020 with Hyderabad alone getting 11 new establishments .
“There is a definite upswing in the retail mall sector,” says Pankaj Renjhen, Managing Director, Retail Services, at JLL India. Arvind Singhal, Chairman of the retail consultancy firm Technopak, concurs. “We are beginning to see excitement building up once again in the sector.”
Big Bets Fuelling Boom
This story is from the April 08, 2018 edition of Business Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the April 08, 2018 edition of Business Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
"Moving to cloud helped us grow❞
What was the problem you were grappling with?
She's Got Time
MORE WOMEN ARE BECOMING WATCH CONNOISSEURS, SEEKING OUT BOTH JEWELLED AND TECHNICAL WATCHES FOR THEIR STYLE AND CRAFTSMANSHIP
RISING STAR
PARUL GULATI IS a name that's been steadily gaining prominence in the Indian entertainment industry after she appeared on season 2 of Shark Tank in 2023. She has become a multifaceted personality who effortlessly transitions between acting and entrepreneurship.
Building on a Legacy
WHEN ZAHABIYA KHORAKIWALA stepped into her role as Managing Director of Wockhardt Hospitals over a decade ago, she confronted formidable challenges that have since turned into achievements.
LEADER IN INNOVATION
AS FEDEX'S PRESIDENT (Middle East, Indian subcontinent and Africa), Kami Viswanathan has a lot on her plate.
WAITING IN THE WINGS
Here are those who missed out as they have not yet completed a year in office; they'll be strong contenders in 2025
A DECENT PROPOSAL
IN TODAY'S WORLD OF TRYING TO CREATE AN EQUITABLE SPACE, BOTH MEN AND WOMEN CONTRIBUTE TO THEIR HOUSEHOLDS. WOMEN ARE ENCOURAGED TO HAVE THEIR OWN SAVINGS POOL AND INVESTMENT ROUTINE. GIVEN THIS, HOW SHOULD FUTURE BRIDES APPROACH FINANCIAL PLANNING?
Women and the STEM Bias
EMPOWERING WOMEN IN STEM WILL NOT ONLY BENEFIT INDIVIDUALS, BUT ALSO STRENGTHEN THE ENTIRE INDUSTRY, DRIVING INNOVATION AND PROGRESS.
ROCKET WOMEN
WOMEN IN INDIA ARE NOT ONLY VENTURING INTO SPACE BUT ARE ALSO STARTING TO SPEARHEAD THE COUNTRY'S EFFORTS IN THE GLOBAL SPACE RACE.
ONE STEP FORWARD
THE NUMBER OF WOMEN INDEPENDENT DIRECTORS IS GROWING STEADILY, BUT IT'S A LONG WAY FROM GENDER PARITY. MUCH MORE NEEDS TO BE DONE TO BREAK THE GLASS CEILING IN BOARDROOMS.
