And, given no fresh supply in the historic city centre and other prime locations; suburban regions are once again the focus for those wanting to set up operations here.
The total retail space in this city was about 44 lakh sq ft at the end of the June 2012 quarter and there was an overall vacancy rate of 10.9 per cent. However, the vacancy levels in prime locations were just 2.4 per cent during this period, and the net absorption of mall space in the city was 5,274 sq ft.
There was no fresh supply of mall space in the second quarter of 2012 and rentals rose marginally to reach Rs 188 per sq ft per month. This city is expected to add 7 lakh sq ft over the next few quarters, but rentals are expected to remain stable.
SOUTH CITY MALL
This mall spread over 6.5 lakhsq and is eastern India’s largest. Tourists to this city account for about 20 per cent of the footfalls
of this mall. Apart from that, this mall is also popular with the higher income segments of the city and outlets here typically have sales in the range of Rs 1,000-1,500 per sq ft. The premium brands present at this mall include Lladro, Wills Lifestyle and Lacoste, while the anchor tenants are Shoppers Stop and Pantaloons.
This mall has been designed by retail specialist ICS Bentel Associates and city architect Dulal Mukherjee, and it also offers 3.5 lakh sq ft for car parking.
It offers the city’s first IMAX and McDonald’s Drive- Thru restaurant, coupled with Spencer’s Hyper. And, spread over 1.96 lakh sq ft, this mall is located on the Maniktala main road and close to the suburban areas of Salt Lake and Lake Town, it has a monthly footfall of more than five lakh.
This mall is especially popular on the weekends, given a range of entertainment options offered, including the first ever The Horror House and a host of multi-cuisine restaurants. This mall also offers a parking space of 3.5 lakh sq ft.
Located at Salt Lake, this mall with over 4.5 lakh sq ft of commercial and entertainment space has been designed by the well
known architect Charles Correa.
This mall is often described as unconventional, in terms of the facilities offered and the layout.
The key attractions here include The Kolkata Store with its horse-drawn Kolkata tramcar and The Kund, a vast multi-stepped plaza designed around fountains, apart from the Tea Junction. And, given the growing importance of gaming and technology, this mall also has 10,000 sq ft dedicated for electronic games.
Located at New Town and spread over five lakh sq ft, Spencer’s is the anchor retailer on the ground floor. Axis offers a plethora of
brands for the consumer, ranging from mid segment to premium.
This mall also has three blocks, while block A offers fashion and jewellery brands, another one is a mix of food, shopping and leisure, and block C has various financial services including banks and ATMs.