Organised retail in India has been growing at a tremendous rate and enjoys the status of being one of the 10 largest retail markets in the world. The current growth trends present large prospects in the retail real estate segments.
According to the real estate trends report compiled by Merril Lynch, the number of malls in big cities including Delhi, Mumbai, Hyderabad and Pune will touch 250 by 2010, which is over 100 at present. Small format malls are also mushrooming and the real estate developers, nowadays, are in a mood to offer neighbourhood shopping experience to their tenants complementing retail and real estate to each other. Consumers too are largely inclining towards contemporary style of exclusive goods and retail models. The new models, being designed for retailing in India, are transforming the fragmented sectors into organised retail landscapes in India.
Recently, Crossings Infrastructure Pvt Ltd, has announced its Rs 60 billion project ‘Crossings Republik’ in Ghaziabad, which will home two integrated shopping complexes — Crossings City Centre and Crossings Galleria. On the sidelines of the press conference organised to announce the launch, Manoj Gaur, director, Crossings Infrastructure Pvt Ltd, shares his views about developing integrated township to Indiaretailing. Excerpts:
IndiaRetailing: How is it profitable developing integrated township in retail perspective?
Manoj Gaur: The retailers who open stores inside dedicated shopping complexes like mall need to think about catchments while in integrated township, they easily get certain customer base that comprises the residents of the apartments. Here in Crossings Republik, close to 1.5 lakh population will be our own residents, which I think should be a priority area for any retailer in opening their stores. It is profitable for both the developer and the end user.
IR: How is your township different from others?
MG: Crossings is an interesting city connected to Noida, Greater Noida and Ghaziabad. We are also developing sports city, hospitals, artificial lakes, golf course among other things here in one place, which are no where available in Ghaziabad. As a result, outside people are also getting attracted to it and hope in week-ends and other holidays, more and more people will come to visit the place.
IR: What are the brands coming in for opening stores in Crossings City Centre?
MG: All the big brands including Pizza Hut, McDonald’s, Apna Bazaar are coming in. We are also in talks with other brands to bring them here to offer our tenants right product and brand mix.
IR: How Crossings City Centre is different from Crossings Galleria?
MG: Crossings City Centre will be a glitzy mall and the commercial hub of Crossings Republik with world’s most reputed brands and a multiplex while Crossings Galleria is the neighbourhood shopping destination.
IR: Which multiplex chain will operate here?
MG: It has not been finalised.
IR: Your observations about Indian retail?
MG: Leaving the last 2-3 months scenario, Indian retail is easy going. Unlike the US, Indian retail market and the banking system is quite strong. There will not be any affect in future too.
