New Delhi: Leading real estate services firm ANAROCK Property Consultants today has announced the official launch of ANAROCK Retail, a new firm dedicated to tapping into India’s $700 bn. retail market via its expert retail consultancy services.
The new firm is the result of a partnership between ANAROCK and Faithlane Property Consultants, headed by retail realty veteran Anuj Kejriwal who joins as CEO & MD - ANAROCK Retail.
"ANAROCK's entry into the retail real estate domain was really only a matter of time," said Anuj Puri, Chairman - ANAROCK Property Consultants. Puri in addition to his previous role as Chairman of a leading IPC in India was also Chairman of its Global Retail Leasing Board.
“2017 itself witnessed large-scale mall closures and nearly 5 million sq. ft. of retail space was wiped out. These malls can technically be considered ‘dead’ and the developers are now looking at opportunities to convert the retail spaces into offices, mixed-use, hospitals, etc,” said Puri.
According to Puri, developers did not invest in strategic research of the tenanting equation, adequate leasing expertise and the right mall management partners. In fact, he believes it is possible to revive a mall if a professional firm like ANAROCK reworks the equation at the DNA level. In other cases, the available space can still be turned profitable via focused mixed-use tenanting, ‘reverse modeling’ or a complete revamp of the business model.
Prior to launching Faithlane in and its subsequent absorption into the avant-garde ANAROCK Group, Anuj Kejriwal was National Director for Retail Services at a prominent IPC. In this capacity, he set the strategic direction for its retail division and drove revenue growth for the West India market.
"The speed of evolution in Indian retail has been so fast that the majority of mall developers and retailers have been unable to keep pace with the rapid change in trends," said Anuj Kejriwal.
"ANAROCK Retail's services will have several highly positive market impacts, resulting in fewer 'dead' malls and more thriving ones. We ensure that specialized retailers get the exact spaces they require along with scalability options, that organized mall spaces are tenanted for optimal efficiency, and that the best facilities and event management firms are driving customer satisfaction and footfalls."
ANAROCK Retail has aligned the new business with the Firm's first-in-industry business models to dovetail with the overall operations and consequently deliver a unique bouquet of services to its retail clients.
The new retail division will be active across ANAROCK's 10 Indian city offices and internationally in Dubai and will grow in tandem with the Firm's expansion into new territories.