The mall developers and the retailers have been gradually inching its way to enter the yet unexplored markets such as Kolkata, Jamshedpur, Ranchi, Patna, Asansol, Dhanbad, Gaya, Bokaro etc where the opportunity to cross the break-even is faster.
The Srijan Realty Ltd has spotted Burnpur Road of Asansol in West Bengal to open a shopping centre with gross leasable area (GLA) of approx 2,50,000 square feet in June 2010. Talking exclusively to IndiaRetailing, Shyam Agarwal, CMD, Srijan Realty Ltd says, “In the city like Asansol, there is lack of proper shopping centre and the consumers are unaware of the mall culture.”
“Our target is to drive-in consumers from 40-50 kms radius of the Galaxy for which we have signed Big Bazaar and Eylex multiplex as anchor tenants. People of Asansol do not have a good place for outing, so this mall (Galaxy) will become destination for food, entertainment and shopping,” he adds. The property will also house a three-screen Eylex multiplex with a capacity of 750 seats.
Reebok, Turtle, Himalaya, Opticals, Passport, Archies, Moustache, Success, Chique, Hoffimen, Touristers, Spacs, John Players, Cantabil, Gini & Jony etc are the other brands whom the real estate developer has successfully reeled-in, following both the rental models – revenue sharing and fixed rent – for the property. “Currently, 40 per cent of the property is leased out and the remaining property is going under active negotiation with the retailers such as Bata, Titas, Pepe Jeans, Titan, Woodlands, Thomas Scott, Sriniketan, City Style, City Mart, Blacberry, Nokia etc,” informs Agarwal. The food court at the property will be spread over an area of 13,000 square feet. The mall is spread over six levels excluding the basement, lower ground and ground floor.
The mall is ideally located in the heart of the city surrounded by both residential and commercial hub. The total area of Galaxy is three lakh square feet including basement, lower ground, ground and six-level. The total investment in developing the property is close to Rs.80 crore, confirms Agarwal. Galaxy is also at discussion phase to rope in a luxurious hotel at the property.
— Diwakar Kumar