The retail revolution in Mumbai has enhanced residential spaces across the city
When Crossroads, the first mall in Mumbai and in the country was launched, little did we know that the city would witness such a huge retail boom in the years to come! Today, Mumbai is home to some of the most prominent and successful malls in the country.
The start of this retail revolution in Mumbai can be traced to the initial years of the last decade. However, during the time frame of 2003-04 to 2007-08, the sector witnessed significant growth of around 11 per cent. The second half of the year 2010 re-witnessed an upsurge in the retail market post the economic meltdown.
Mumbai is estimated to have total organised retail stock of 8.72m sq. ft. and will witness 11.26 m sq. ft. of new retail development over the next three years. According to a study by McKinsey Global Institute, India is poised to become the fifth largest consumer market by 2025. The retail sector in the western parts of India like Mumbai, Pune, Nagpur and Ahmedabad, have seen a huge transformation, thanks to the changing consumption patterns, high disposable income in hand and favourable demographics.
Explains Shreesh Misra, Center Director of Phoenix Marketcity, Kurla, “An asset like a mall becomes a catalyst for people to converge at a particular location and spend leisure time beyond their office hours or during their weekends thus offering utmost convenience. So as and when the consumers start frequenting a mall or a retail space, the administration also plays a key role to support the property with proper infrastructure. Considering all these factors when people of a certain profile start taking a keen interest in a particular demographic it directly results in demand of residential spaces thus resulting in a complete makeover of the area.”
Phoenix Marketcity, which is coming up at Kurla, is predicted to change the face of this central suburb. It will floor 2.1-m sq ft project area for retail and boast of one of the biggest multiplexes in the city with 11 screens.
Retail developments in Mumbai like Inorbit Mall at Malad, Center One at Vashi and High Street Phoenix at Lower Parel were among the first to successfully bring in landscape changes in these respective areas. Such developments have had a positive impact on the real estate prices in the areas of their operations. Commercial places like Kamala Mills Compound, One Indiabulls Centre, Raghuvanshi Mills have gained prominence after High Street Phoenix. Adds Misra,”High Street Phoenix has acted as a catalyst for commercial and residential developments for Lower Parel which was not perceived to be good for any kind of development earlier. Today, it is one of the most sought after locations.”
Similarly, several residential projects by leading developers like Rustomjee and Kalpataru, to name a few, have launched their residential projects post the launch of Inorbit Mall in Malad.
Mumbai undoubtedly has a large number of working couples, migrants, DINK (Double Income and No Kid) and families with good disposable incomes and display an increasing appetite for socializing. These retail destinations being closer to such residential hubs add more vibrancy and convenience to the lifestyle.
Says Reema Kundnani, V.P – Marketing & Corporate Communications, Oberoi Realty, “Today, an average Mumbai family spends their weekend in a mall where the lady of the family gets to shop and meanwhile the kids get to play in the fun zone.
The main reason why malls are gaining popularity is because facilities like shopping, entertainment, movies and food are all available under one roof which makes it a hassle-free destination. We started with Oberoi Mall as the initial step of Oberoi Garden City project followed by the other planned developments.”
Similar is the story of central suburbs and Navi Mumbai where the mall culture is fast spreading with the commencement of malls like R-Mall, Nirmal Lifestyle, Korum, Eternity and Center One, Inorbit and Raghuleela in their respective suburbs. Center One, the first mall in Navi Mumbai, has played a significant role in the development of Vashi node.
Says Sandeep Runwal, Director, Runwal Group, “A good retail development changes the entire look of the area. Before the launch of R-City mall the area wasn’t a preferred destination for residential spaces. But now the residential prices have been almost doubled or tripled in the area. A good mall always adds value to the area and people are willing to pay premium price for a good lifestyle.” Runwal Group has established R-Mall, the first mall in Mulund, R-City and R-Odeon in Ghatkopar and R- Mall in Thane.
Clubbed with 7 -7.5% growth in GDP, the organised retail market is expected to grow in the near future, adding convenience and a new buzz to residential locations across the city.
Filed under: Chain Stores, Department Store, Leisure & Lifestyle, Mall Management, Modern Retail, News & Articles, Retail Management, Retail Verticals | Tagged: Center One Vashi, Crossroads, DINK, Double Income and No Kid, Eternity, High Street Phoenix Mall Lower Parel, Inorbit Mall Malad, Korum, lifestyle, malls, Malls in Mumbai, McKinsey, Multiplexes, Nirmal Lifestyle Mulund, Oberoi Mall Goregaon, Organised Retail, Phoenix Marketcity Kurla, R-City Ghatkopar, R-Mall Mulund, R-Odeon Ghatkopar, Raghuleela, Retail revolution | Leave a comment »