RISING HIGH LIKE PHOENIX, THE LEGENDARY GREEK BIRD
The shopping malls boom in India started at the beginning of this century, that is, early 2000, and despite many hiccups the end of 2017 saw more than 600 operational malls across the country. Riding this boom was Phoenix Mills Ltd., which entered the real estate market in 1987 and today is at the cutting edge of developing retail-led mixed-use destination assets. “Our endeavour has been to make the chain of Phoenix Market City a one-stop destination for buyers of varied categories – loyal, potential or impulsive. Our efforts have been to constantly upgrade our quality and therefore we keep updating ourselves,” says Atul Ruia, Joint Managing Director, Phoenix Mills Ltd.
MAKING MALLS DISTINCTIVE
Phoenix Market City has a distinct advantage when it comes to its USP – its prime location in close proximity to the airport and railway stations in any city. In addition, it claims to have the best tenant mix. It has also realised the need to keep revamping and renovating, these being essential factors that are indispensable in order to attract more footfalls. Ruia belives that the ultimate way forward to centrally focus on making the overall customer experience at the mall highly pleasant.
“Our marketing strategies are devised on the basis of our target audience and the latest trend. While the social media and even YouTube are great sources to help reach out to the desired target audience, our emphasis on customer satisfaction and giving attention to minute details is the key to our success,” he adds. In terms of the optimum size of the mall, Ruia feels that bigger-sized malls offering everything under one roof have a definite edge over smaller malls.
While there is a constant rise in competition in the overall retail sector and e-commerce also has been having disruptive effects on both the real estate and consumer retail sector, Ruia believes that the effect of e-commerce in upcountry locations is that it has actually given a boost to offline retail.
SPREADING ITS WINGS
With all such critical elements in place, the Phoenix Market City mall chain in Bengaluru and Chennai has established itself as a lifestyle and entertainment destination and offers a very holistic and premium experience for retail, entertainment, and food and beverage. Moving forward, the group intends to double its present retail portfolio by 2022. “Recently, we have acquired a land parcel at Wakad in Pune and at Hebbal in Bengaluru to construct our second Phoenix Market City. We have purchased an underconstruction retail asset in Lucknow at Gomti Nagar and will develop this into a Phoenix Market City,” Ruia states.
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