The next big ticket item is mall development and management for a leading retail chain in India that is Pantaloon group. In a move aimed at staying ahead of the pack, as the mall mania hits the country, Pantaloon group is close to sealing a 50% joint venture with a leading foreign mall management company to set up its own professional mall management company.
While the foreign partner will bring mall management expertise to the table including event management, promotion, attracting footfalls, leasing, marketing and public relations, the Pantaloon group will provide the hardware for the venture—malls and its expertise in developing and leasing retail space.
The group has ambitious plans of rolling out 70 odd malls spread across 40 million square feet of retailing space in 29 cities and 19 states over the next five years, under a common brand umbrella of Kshitiji Retail Destination (KRDs).
The Kshitiji Mall Management Company, as the group proposes to call it, will manage the proposed KRD chains that will straddle the group’s mall business set up by pantaloon Retail India Ltd, domestic fund Kshitij and foreign fund Horizon.
No one has looked into professional mall management in India so far. All they have been doing is build brick and mortar structures and moved on. Companies like Pantaloon group are planning to take the retail experience a step further by adding a heart and soul to malls in terms of ambience and maintenance.
Indian Super Market or Retail market chains are not far off from selling “pin to plane? from their malls. This phrase was used in a lighter way for Sears, Walmart or Harrods a few reputed super markets of the world.