Rising From The Ashes

Ravaged by the pandemic, Phoenix Mills was trying hard to survive. That's when MD Shishir Shrivastava's silent strategy proved successful

- Arnab Dutta

THE COVID-19 PANDEMIC severely impacted the real estate sector, with the sudden lockdown crippling consumption and causing a steep decline in demand. In this situation, resilient businesses survived solely through determination and grit. Shishir Shrivastava, Managing Director of The Phoenix Mills Ltd., exemplifies this. With nearly 25 years of experience, the 48-year-old Shrivastava, winner in the Real Estate category of the BT-PwC India's Best CEOs ranking, reflects on those times and says that when the virus threatened livelihoods, he had no choice but to intensify efforts and quietly prepare for the challenges ahead.

What did he do? When most of his industry peers were scrambling in search of a survival strategy, Phoenix Mills, under his guidance, launched an upgradation drive for its retail assets. The company's top line comes mainly from mall rentals, and with cities coming to a halt, malls had turned into empty shells. But Shrivastava persevered. The company management saw the pandemic also as an opportunity, and it used it to change the brand- and category mix in its malls.

Furthermore, Shrivastava drew valuable insights from the 2008 global financial crisis, which proved instrumental. This was when the company was initially expanding beyond its base in Mumbai's Lower Parel neighbourhood. However, its assertive approach then had placed the company under considerable duress, with debt exceeding equity by a significant margin.