According to the Indian Council for Research on International Economic Relations (ICRIER), India is the seventh-largest retail market in the world. No doubt that luxury retail is not just here to stay, but is the future of modern Indian economy.
The organized Indian retail sector has developed exponentially due to globalisation, high economic growth, changing consumer preferences. Even Tier II towns have witnessed have thus emerged as attractive markets for premium retail shopping outlets and superb retail spaces.
Virtuous Retail, an offshoot of global investment firm Xander Group, specializes in Retail Management and Leasing, Tenant Relationship Management, and neighbourhood shopping centres. The company currently has around 8 luxury shopping malls in various stages of construction in Pune, Mumbai, Bengaluru, Kolkata and Udaipur, which will be given to luxury brands as retail space on lease.
The company’s flagship mall is in Surat; a total of 6,00,000 square feet of luxury retail spaces. VR Surat celebrated its first anniversary last year, and is drawing customers in large throngs. It is the largest shopping centre in Surat – 3 storeys high and 45,000 square feet of open area. 90 per cent of the total retail space for lease has been booked by 11 renowned anchor stores, 2 mid-sized units and 78 inline stores. This contemporary, premium lifestyle retail centre has already won an award for the ‘Most Admired Shopping Center Launch’ award at the Indian Shopping Centre Awards 2014.
In Pune, another fast-growing tier II city, Virtuous Retail is currently developing “My Mall.” The Pune mall is spread over 17 levels including 3 basements. A mixed-use format, My Mall also houses the upmarket Marriott Hotel within its premises. The Epicentre at Kolkata too, is a mixed-format project where the mall houses Grade A residential premises as well as a star hotel. Both the malls are expected to launch in 2016. The opulent retail shopping outlet in Bengaluru, VR Bengaluru promises to be an ‘it’ destination with luxury and premium retail brands and even a microbrewery. What sets it apart is that this 1-million square feet mall, which will be operational in 2015, will have a dedicated 50,000 square feet plug-and-play workspace for bootstrapped entrepreneurs. The Boulevard in Mumbai is spread over 16 floors and houses a high-end sports club, hotel and banquets, top-class luxurious residential units.
It is not just enough to built swanky malls and rent out commercial space on lease; the success also depends largely on the brand mix and primary market. Virtuous Retail is also a specialist in the niche field of Tenant Relationship Management, which plays a crucial role in anchoring the mall’s success.
Today, mall management and marketing is not just retail space for rent, but all about Consumer experience design- where the overall experience of the consumer plays an important part in the buying process. Virtual Retail has not just mastered the art, but has perfected it.
For more info visit: http://www.virtuousretail.com/