Inorbit Mall on the Pune-Ahmednagar road – the city’s prime commercial space – has been vacated by nearly all the brands.
A part of the K Raheja Corp group, the Inorbit Mall management released a statement saying that it is evaluating the best possible way to maximise its real estate potential and to give themselves a new direction.
All brands in the mall, barring three, have already either relocated or shut down operations. Of the three that are still operating, Shoppers Stop and Hypercity are inhouse brands of K Raheja Corp.
The third brand, apparel store Max, will relocate by the end of this week. The four-screen multiplex, PVR Cinemas, and the food court on the third floor will continue operations for now.
Inorbit Mall started its operations in Pune in March 2011. According to the statement by K Raheja Corp: The mall has seen the city evolve as an emerging destination for the growing IT, BPO/KPO, commercial and residential sectors.
“The city has witnessed an oversupply of retail real estate space in one micro-catchment wherein 74 per cent out of the current 7 million retail real estate space of the city is located in the Eastern corridor part. This has resulted in an oversupply leading to a division of consumption and hence making stores unviable,” Executive Director, Inorbit Malls, Rajneesh Mahajan, said in a statement.
K Raheja Corp says that as a group, they believe in the market that Pune has to offer and are committed to growing their foothold in the city, looking for more opportunities to invest in, including malls in different micro markets and other asset classes.
Even as the group readies to exit this particular space, rumour is rife that Amazon is moving in, all set to use the space to expand its IT and customer service operations.
Both K Raheja Corp and Amazon declined comment on the subject.