In what could be interpreted as a bid to turn it around, Ishanya, the Deepak Fertilisers and Petrochemicals (DFPCL) promoted speciality mall in Pune that is dedicated to home interiors, seems to be undergoing a course correction.

Major part of the turnaround strategy, which involves no investment by the promoter, entails allocation of nearly 30 per cent of the available space for food and beverage and entertainment.

With a total of 3.65 lakh sq ft of retail trading space, approximately 1.4 lakh sq ft or 38 per cent of Ishanya stood occupied at the end of fiscal 2014. In the current fiscal and FY16, occupation levels are expected to touch 56 per cent and 77 per cent, respectively.

“By the end of fiscal 2015, we expect to lease out a total of nearly 200,000 sq ft of space, around 70,000 sq ft of space will be allocated for F&B and entertainment,” says Mahesh M, Ishanya's CEO.

Last month, Mumbai-based pub and restaurant Blue Frog leased out nearly 10,000 sq ft of space here, while another 20,000 sq ft of food outlets are being curated for the Pub Town arcade by a Pune firm.

Fit-outs, which will entail a cumulative expense of Rs 17-18 crore by individual owners, will begin by October and be completed by January, he says, adding that the final part of the change is allocating around 20,000 sq ft of space for the Home Souk, which will cater to impulse shopping.

Built on 10 acres in 2006-2007, Ishanya was billed as the destination to shop for every aspect of home interiors – from furniture and furnishings to kitchen interiors and bric-a-brac, but has not yet managed to become a commercial success.

Asked what has prompted the re-think on its profile, Mahesh says, “We have been a part of Puneites’ need-based shopping, Now we want to be a part of their entire lifestyle.”

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