Phoenix Mills Limited (PML) is a leading retail mall developer and operator in India and is the pioneer of retail-led, mixeduse developments in the country with completed development of over 17.5 million sq. ft. spread across retail, hospitality, commercial, and residential asset classes. The brand has an operational retail portfolio of approximately 7 million sq. ft. of retail space spread across 9 operational malls in 6 key cities of India. PML is further developing 4 malls with over 4 million sq. feet of retail space in 4 gateway cities of India. Besides retail, the company has an operating commercial office portfolio with a gross leasable area of approximately 1.3 million sq. ft. and plans to add approximately 5 million sq. ft. of commercial offices across existing and under development mixed-use projects going forward.
In an exclusive interaction with Shopping Centre News, Rajendra Kalkar, President - West, The Phoenix Mills Ltd., analyses the impact of the COVID-19 lockdown on the real estate industry. He also analyses the changes and learnings, consumer behaviour, SOPs and norms that the industry must live with in COVID times.
EXCERPTS FROM THE INTERVIEW…
began easing curbs, malls were among the last businesses among organised retail that were allowed to reopen, nearly wiping out one full quarter. These have impacted earnings for malls across the country. However, since the lockdown has been lifted, all our malls have been operational and have been witnessing a steady stream of customers and business. In our portfolio, malls in Karnataka and UP were the first to open; followed by those in Maharashtra. Shopping malls in Tamil Nadu were the last to open.
How has consumer response, business and revenue been across Phoenix malls since re-opening?
As mall operators, we are very excited with the new opportunities that the reopening of malls has presented us with. We have innovated, reinvented, and refined our offerings to our customers; and our customers, in turn, have evolved into more discerning shoppers. We have seen the trend of customers valuing their own well-being and becoming keener shoppers. This is very different from revenge shopping. In the first two weeks of the opening, customers were a reluctant to come to the malls, but once they were made aware of all
COVID-19 has been ruthless to the shopping centre industry. How has it impacted Phoenix malls across cities?
India’s lockdown to contain the pandemic was the strictest in the world as it completely halted economic activity barring essential services in the first phase. While the government the safety measures that we had implemented across malls, we saw good traction. The situation has improved as the ‘Unlock’ versions have evolved and almost 5.7 million sq. ft. of mall space has resumed trading, which gives us the confidence that the second quarter will be better.
Which categories are doing good business? Is there a different pattern for different malls in different cities?
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