Business Daily from THE HINDU group of publications
Wednesday, Sep 06, 2006
Business Daily from THE HINDU group of publications Wednesday, Sep 06, 2006 |
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Marketing
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Strategy Industry & Economy - Real Estate & Construction Prestige Group to invest Rs 2,500 cr in malls Anjali Prayag
Bangalore , Sept. 5 The Bangalore-based real estate developer, Prestige Group, will invest around Rs 2,500 crore in malls across South India in the next couple of years. A value mall, housing factory outlets of all leading brands, will be thrown open to Bangaloreans in December 2007, according to Mr Susil Dungarwal, Head, Retail, Prestige Estate Projects (P) Ltd. The Group forayed into the mall business a couple of years back with Forum in Bangalore and now plans to take the concept to Chennai, Hyderabad and Mangalore. The Group, however, currently has no plans of entering the luxury mall segment "as this would require space on high streets which is scarce," he said. Currently, seven malls are being planned at an investment of around Rs 300 crore each, he said. Commenting on low (sales) conversion rates displayed in most malls in the country, Mr Dungarwal feels malls have to exploit the impulse buying behaviour of customers through a good retail mix and interesting aisle events. "Malls have to cater to the psyche of the people of the region, otherwise sales will dip." This means that malls have to change their retail mix to suit the surroundings, he felt. "Different cities display different buying behaviours. Even within a city, the psyche changes and therefore our retail positioning should change." He agreed that HR continues to be a challenge in the mall management segment. "While retail can poach talent from any other related sector, malls need to create a completely new set of talent, which is a challenge," he said.
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