Research essential before building

Mr Soni Khemani, Director, Century 21 Infrastructure Ltd, in an interview to the Retailer, shares information about the various projects the company undertakes and also about its future projects

Retailer: What inspired the company to enter the real estate segment?

Soni Khemani (SK): Century 21 Infrastructure Ltd was incorporated in 2006 with the focus of developing shopping malls across the country. The promoters are reckoned as the most prominent retailers in Delhi and they have been involved in real estate development for quite sometime. We realised the potential in developing retail space and this is what inspired us to step into this sector.

Retailer: What are the present projects of the company?

SK: As of now, we are working on two projects viz. Century 21 mall, Indore and Century 21 mall, Bhopal. The Century 21 mall, Indore will be operational in April 2008.

Retailer: What is the USP of your malls?

SK:The USP of all Century 21 malls would be the retail mix. We would offer the best possible retail mix. We have this tendency of working with the top-notch players in the industry. We are a very focused group and that is the reason why we carry out a lot of research works before working on the properties. Every single phase is designed in such a manner that we provide maximum comfort to our customers and maximum value for money to our retailers. This is he basic reason why we are different from other malls.

Retailer: What are the brands in the retail mix of your malls?

SK: We are working with WestSide,Globus, Piramyd, Max Lifestyle, Allen Solly, Van Heusen, Louis Philippe, Benetoon, Adidas, Lee Cooper, Ritu Wears, Spykar, Indigo Nation, I-NOX, Odyssey, KFC, Pizza Hut, Jumbo Electronics, Jammin and Magnet. So, one surety is that that our malls would always offer the best retail mix.

Retailer: How have the preferences of Indian shoppers changed over time?

SK: Consumers nowadays have become extremely brand conscious and their purchasing power has also gone up dramatically high. So, we see that the best brands and formats are coming into the country. This is due to potential of Indian shoppers towards these brands. Indian consumers’ behaviour has really evolved beautifully.

Retailer: What are security measures you take for the malls?

SK: We are working with the best possible consultants and service providers in the industry. And, we make sure that we adhere to every single norm, which we are supposed to. We are sure that all our properties are very safe.

Retailer: Completion of many a mall project is behind the schedule. What is you comment?

SK: We understand the dynamics of the trade - how a retailer works and on what margins he works. This reason prompts us to make sure that we not only deliver on time but also complete most of our projects before the schedule. Our Indore mall is six months ahead of schedule.

Retailer: What causes malls fail and how to undo it?

SK:  I would not label it as a failure or success for malls are evolving. The retail mix is the most important thing and whenever a developer offers his property to a retailer, he should understand that he would make money only if the retailer makes money. We are making sure that our malls are going to be a runaway hit. The challenge for us is not to construct the mall or leasing the property, but to run a particular property. I am sure that Century 21 Infrastructure Limited is geared up to deliver that. We are not selling the Indore project at least for a period of 15 years from the date of commencement of the mall.

Retailer:  What is your perception about the future of malls in India?

SK: I believe that shopping malls are definitely the need of the hour. We have huge markets in Delhi, Mumbai and Bangalore. But, if you look at them from customers’ convenience point of view, shopping malls are the only answer. So, I am sure that, in the times to come, shopping malls will not only survive but also flourish and flourish.