Retailer: The retail sector has been cyclical over the past one year. Please share your views on this development?
Cyrus Engineer: The retail sector has not been able to report significant growth over the past one year.While several malls have
become operational recently, the success rate has not been very high. Clearly, with the sector maturing, we need malls of high quality and at strategic location.At TATA Realty And Infrastructure Limited, we are focusing on launching new projects at strategic locations, which would prove viable over the long-term. One such project is Trilium, Amritsar.
Retailer: Consumer behaviour is rapidly evolving and which category of malls do you believe will succeed here?
CE:The retail sector is dynamic and the strategy of ‘one size fits all’ is not an appropriate solution. There is tremendous growth potential in tier-II markets, and successful retail development requires a mall developer to select the right location and plan appropriately, for the long-term.
Retailer: Kindly share the challenges in establishing and running a successful mall?
CE:There are several challenges in developing a mall. The most important relates to the right size of the mall, as also the right tenant mix and size of stores for tenants. I would also like to highlight that a mall needs to have promotional activities from time to time to in a bid to ensure their long-term viability.
Retailer: Kindly throw light on the retail projects you are currently implementing?
CE: We are currently in the final stages of operationalizing our flagship retail mall Trilium, Amritsar. Trilium, Amritsar has a gross leasable area of about 7 lakh sqft and it would be one of the largest malls in Punjab.
This mall has been scientifically zoned with relevant product categories, based on rigorous market research and taking into
account the evolving needs of the consumer in this city. Apart from that, we are also working on Trilium, Nagpur spread over 4.5 lakh sqft and it would be a world-class mall in the heart of the city.
In addition, we are also developing projects in Gurgaon, Bangalore, Kochi and Mumbai, amongst other cities.