Pune realty firm pitches a cheaper retail model as alternative to malls

Pune realty firm pitches a cheaper retail model as alternative to malls
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First Published: Sun, Dec 28 2008. 10 16 PM IST
Updated: Sun, Dec 28 2008. 10 16 PM IST
Pune: Pune-based real estate developer, Naiknavare Developers Pvt. Ltd, has tied up with Michael Lloyd, Australia’s leading retail expert, to design and build shopping centres in residential colonies that it has constructed in Pune’s suburbs of Hadapsar and Viman Nagar. Being low-cost models, the projects will cost about Rs19 crore and are expected to be completed by the end of 2009.
Lloyd heads the Tomlik group, a private investment firm, and publishes retail industry magazine Shopping Centre News in Australia and New Zealand.
The Hadapsar and Viman Nagar projects will roll out an affordable retail model that can be an alternative to conventional malls, said Hemant Naiknavare, director of the Pune firm. Most of the merchandise available at the centres will be private label, non-branded goods, which people with an eye on their family budget can afford, he said.
Lloyd said these centres will modernize the local specialty retailer as well as the home-grown retail industry.
He said Indian and Chinese mall developers are in financial trouble because they follow the US model which works on luxury, leisure-based retail, while there is only a very small population here that can actually afford to shop at such malls.
The shopping centres, on the other hand, are designed to have everything that families need on a daily basis, from a grocery store to salons, cobblers, clothes and such like, he said.
The two shopping centres will serve a population of 50,000-75,000 residents each; while the Hadapsar project is already under way, the one is Viman Nagar is scheduled to start in January, Naiknavare added.
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First Published: Sun, Dec 28 2008. 10 16 PM IST