MUMBAI, November 22, 2016 /PRNewswire/ —
Prozone Intu Properties Limited, a specialist retail and residential-led mixed-use real estate development company is ready to open the doors of its second mall in the city of Coimbatore.
In recent years, India has witnessed a huge transformation in consumer lifestyle, which has been influenced by geo-demographics and socio-cultural factors. Apart from the retail growth in urban and tier I cities, there is also a radical shift witnessed in the consumption patterns in the smaller towns with people moving beyond necessities and using products that were once sold only in urban areas. One should not be surprised to learn that today luxury cars sell more in small cities than in the metros. Big Bazaar’s single largest bill till date comes from its store in Sangli, a little known town in Maharashtra, and not from metropolitans like Mumbai or Delhi.
This shift has only been possible because the markets in metro cities are maturing and retailers are moving into non-metros to make the most of the changing behavioural patterns brought about by increased earnings, western influences, increased number of working women and a growing desire for luxury items.
Prozone Intu was amongst the very few companies who believed in the retail growth story coming from the smaller cities, much ahead of its time. In particular, the company banked on the growth in tier II and III cities, as they are driven by cost advantages in terms of lower land prices and therefore rentals. Evolving consumer spending patterns and lower rentals are making these cities a preferred destination for many branded retailers. “The smaller cities of India are showing signs of strong growth potential within the retail real estate segment,” says Nikhil Chaturvedi, Managing Director of Prozone Intu Properties Limited.
Prozone Intu proactively invested towards this strategy way back in 2010 by setting its first mall in the city of Aurangabad. The mall has been demonstrating a strong performance with ongoing improvement in footfalls and consumption rates. Taking this experience further, the company is now ready to launch its second mall at Coimbatore by February-March, 2017. The mall is strategically located in the IT corridor of the city, where several residential projects are coming up.
Coimbatore is one of the fastest growing cities in South India. Referred as the industry and employee-friendly destination in India, Coimbatore is a major textile, industrial, educational, information technology, healthcare and manufacturing hub of Tamil Nadu. Coimbatore, today, has a higher appetite for the luxury segment when compared to the other tier II cities because of high per capita income and purchasing power of the people. With a population of four million, Coimbatore has a high literacy rate with a relatively larger brand-conscious population.
Prozone has successfully built its shopping mall to attract a large section of customers for experiencing modern shopping pleasure. A categorically planned assortment of stores in the mall will provide diversity, arousal; and propensity to shop, entertain, dine and re-energise. The mall will have 5 lakh sq. ft of retail space, parking facility for 1,500 four-wheeler vehicles and ample parking space for two wheelers. The mall will also house a large entertainment area and food court, along with the largest multiplex in the region with nine screens from Inox. Once fully occupied, the mall will be home to 150+ retail stores and 30+ F&B outlets including casual, fine dining restaurants.
The mall has received a positive response from retailers, with some marquee brands already signed up. Some of the well-known brands that have either signed up, or are in advanced stages of finalisation, include ZARA, Lifestyle, Spar, Max, Reliance Trends, Unlimited, Reliance Digital, GAP, Nike, Hamley’s, Fun City FEC, H&M and Forever 21 among others.
Matching international standards for the discerning customers, Prozone Intu’s Coimbatore Mall has drawn from the world’s best to create a distinctive shopping and entertainment experience. What makes this mall an exception is the fact that it comes with a fresh interior, which is influenced by modern international shopping centres. With a large central atrium, this Ground + 1 shopping centre is designed with horizontal spread for improved customer experience and retailer’s convenience. A race-track like design with no dead ends will give every store a prime visibility. This dominant regional shopping centre also has elements for expansion in the future. This will help the mall to remain relevant even in the future.
Currently, tier II and III cities account for a smaller proportion of operational shopping malls in India. However, with rising consumer aspirations and demand, the potential of these cities, in terms of retail real estate is increasing. With a mall infrastructure of global standards that will house leading global retail brands, Prozone Intu is all set to create an iconic landmark in Coimbatore, which is aptly positioned to capitalise on the growing retail demand coming from the city.
About Prozone Intu:
Prozone Intu is a specialist retail and residential-led mixed-use real estate development company, harnessing Intu Properties Plc’s experience as UK’s largest retail real estate developer and operator, combined with Prozone’s in-depth knowledge of the Indian market. The company has presence in Aurangabad, Nagpur, Indore and Coimbatore across retail, commercial and residential space.
Mr. Prashant Prajapati
Prozone Intu Properties Limited
Ms. Vidhi Godiawala
Vice president, Business Development
Dickenson Seagull IR Solutions