Vestian Retail is the one-stop shop, providing real estate services for high end retailing in India. Committed to providing retail‐focused solutions, Mr. Shrinivas, CEO, Asia Pacific, Vestian, explains the need to utilise the market efficiently.
Aadeetya Sriram (AS): What is Vestian Global all about? Could you elaborate on the kind of services you provide?
Shrinivas Rao (SR): Vestian Global Workplace Services Private Limited is an Integrated Real Estate Services Corporation which specialises in providing real estate solutions to corporate end-users for Strategic Advisory, Transaction Advisory and Project Services and Retail solutions.
AS: Who are you catering to?
SR: We are a conflict-free real estate service firm, focused solely on providing end user / occupier representation.
AS: How do you envision the prospect of your Vestian Retail? Do you have any specific targets?
SR: Vestian Retail Group mapped the global store footprint of 323 of the world’s top retailers across 73 countries to identify trends in global retail expansion at national and local levels. The report found that although the global economy pulled out of recession in 2010, it remains a testing time for retailers, with consumer spending subdued in developed markets. However, Asia has maintained its position as the most popular destination for luxury retailers, attracting 84% of the luxury brands covered in the survey. Vestian with its in-depth sector knowledge and international and local market expertise, can bring in a high value proposition to both International and national retail players in Asia. Hence in the current scenario we believe there is an great opportunity in this sector. We haven’t set any specific targets at this point of time for this Retail Vertical.
AS: What in your opinion is the outlook of Indian Retail? How do you see it growing?
SR: India has the luxury of ever increasing consumer demand and this will support the growth of India retail. The industry should grow 25 % annually with a specific focus on home needs. Having said that, discretionary spending has seen a rise in the last 2 years paving the way ahead for lifestyle and fashion retail. Across categories Value is of huge significance.
AS: Do you operate as a back-end servicing? What sort of technology have you implemented for your products?
SR: We are a consulting company primarily catering to real estate needs of our clients.
AS: Where are you based in the country? Do you plan to expand your presence?
SR: Head quartered in Chicago, USA, Vestian has its Corporate Offices in India (Bangalore) & China. Office locations in India also include Chennai and Hyderabad; and representative offices in Mumbai and Delhi.
AS: Do you have any recruitment training programme in place? Could you elaborate on the process?
SR: We have a corporate initiation program to align operatives with our philosophy of integrity and work ethics with an emphasis on Delivering Measurable Results. On the job training / inductions is provided for all new hires. A regular knowledge upgrade sessions is conducted for the existing team members by our expert team leaders from diverse back ground to stay abreast with the industry trends.
AS: What sort of role will Vestian Retail be undertaking?
SR: Vestian Retail would provide services in the areas of retailer expansion strategy, development advisory and project management. We would see ourselves as partners in the growth of our retail clients as all of our associations are long term.
AS: Your Annual turnover?
SR: Vestian Global Workplace Services Private Limited is a 100% subsidiary of Vestian Inc. a Macro Economic Fund based out of Chicago, USA set up with a base of USD 1 Billion
AS: Your future plans for Vestian in the country?
SR: Despite the tough market conditions, Global retailers have continued to expand in Asian markets.
At Vestian, we see a great potential for retailers to setup stores not only in Tier 1 cities BUT tier 2 and tier 3 locations. With Vestian Retail Advisory group, retailers can benefit not only in terms of space options BUT also in terms of in depth knowledge of customer preferences, buying power etc.