For the success of the malls, developers or
Builders for Sale need an anchor retailer and in India, organised retail players like Pantaloon, Shoppers Stop, Trent, Globus are set to occupy more than 50 million sq ft of space. In next two years, Pantaloon alone will have more than five million sq ft of space across the country. In fact, Pantaloon is the first retail chain in the country that is working on the zone system and this has helped it develop a better national network of distribution and marketing. In places where we already have our mega stores, we wish to consolidate our position. We want to expand retail floor space, either through new stores or by adding space to existing ones, and thereby increasing the market share. We aim to be the undisputed leaders in the departmental form of retailing in India.
The Knight Frank survey points out that for a retailer, the most important parameters in selecting a mall are potential location, consumer demographics and developer’s reputation. In fact, Mumbai, Delhi, Bangalore and Pune rank amongst the top cities in the country for retail growth even though other metros and tier two cities are also expected to grow in prominence over the next few years.
The commercial capital of India, Mumbai is one of the fastest growing cities in the country. Over 90 percent of the new mall development is concentrated in the suburbs, two-thirds of which is in the western suburbs. With new mall development on the rise, an aggregate of 4.7 million sq ft of retail space is expected to be added to the already existing 550,000 sq ft by the end of 2005. Further, there is potential for about one million sq ft of already existing space in the form of non-functional mills and other industries that is likely to be converted into retail in the near future
