DLF to re­place 70% brands in the South Delhi mall

Hindustan Times (Chandigarh) - Estates - - FRONT PAGE - Disha Sanghvi disha.s@htlive.com n

NEWDELHI: DLF Ltd. will start the ren­o­va­tion of DLF Place, its mall in south Delhi, be­fore the start of the fes­tive sea­son this year to make the shop­ping com­plex more holis­tic and rel­e­vant to to­day’s con­sumers, said Pushpa Bec­tor, ex­ec­u­tive vice pres­i­dent and head ofDLF Shop­ping malls.

The 10-year-old DLF Place cur­rently houses about 120 stores.

How­ever, af­ter the makeover by April next year, the mall is ex­pected to ac­com­mo­date as many as 160 brands and at least 70% of the cur­rent brands will be re­placed by new la­bels to give the com­plex a new look and vibe. Bec­tor said the com­plex will host sev­eral food and bev­er­age brands along with a few pop­u­lar in­ter­na­tional ap­parel brands mak­ing their­way into the In­dian mar­ket.

“There will be new brands com­ing in, which will be much sharper with smaller store sizes. That way there will be a wider range,” she said.

LC Waikiki, a Turk­ish mul­ti­cul­tural ap­parel and accessories brand, and Un­der Ar­mour Inc., an Amer­i­can sports­wear brand are among the many brands the mall will host af­ter the re­vamp.

The re­tail mall space in the coun­try is al­ready ex­pe­ri­enc­ing shrink­age in sup­ply. Ac­cord­ing to a re­port by real es­tate con­sul­tancy firm JLL In­dia, 2017 wit­nessed the with­drawal of nearly five mil­lion square feet of re­tail space with the clos­ing down of 28 malls in the Delhi-NCR and Mum­bai re­gions.

The re­port said that fur­ther ra­tio­nal­i­sa­tion of ex­ist­ing mall spa­ces can be ex­pected which will help the mar­ket avoid an over­sup­ply sit­u­a­tion, cre­at­ing the nec­es­sary bal­ance to main­tain the rental val­ues.

S hub hr an shu Pa ni, man­ag­ing di­rec­tor re­tail ser­vices at JLL In­dia said the DLF re­vamp will al­low the mall to charge higher rentals. “Shop­ping com­plexes that are 9-10 years old can­not com­mand the rents at the cur-


rent mar­ket price be­cause the look and feel is not the same as the new malls,” said Pani. “This is a good op­por­tu­nity for DLF to re­design the in­ter­nal space,” he added.

Ankur Bisen , se­nior vice pres­i­dent at re­tail con­sul­tancy Techno pak In­dia, saidDLF Place came into ex­is­tence when the con­cept of malls was just start­ing to pick pace in the coun­try so the num­ber of out­lets and plan­ning of the space is very dif­fer­ent from what the ten­ants and store own­ers ex­pect now.

“A lot of re­tail nar­ra­tive has changed with tech­nol­ogy com­ing in. Store sizes have gone through changes across the var­i­ous cat­e­gories. Also, multi- brand out­lets are now mov­ing to res­i­den­tial lo­cal­i­ties in­stead of desti­na­tion malls like DLF,” said Bisen.

Bec­tor said the cin­e­mas in the mall will wit­ness a trans­for­ma­tion as well. She said Cinépo­lis, a Mex­i­can chain of movie the­atres, will re­place the cur­rent DT cin­e­mas which is DLF’s home brand of movie the­atres. “I view it as a part­ner­ship where DLF is get­ting an ex­pert on board. DLF has its own cin­e­mas but maybe it has re­alised that there are big­ger play­ers that have now emerged so this part­ner­ship (with Cinépo­lis) is a good op­por­tu­nity,” said Bisen.

Ac­cord­ing to JLL , the brick and mor­tar form of re­tail as a sec­tor is pegged to grow to ₹1 tril­lion by 2020, at a CAGR of about 15%. “De­spite the on­slaught of new re­tail for­mats like e-com­merce, tele-mar­ket­ing and oth­ers, we will con­tinue to see a steady growth in brick and mor­tar,” said Ramesh Nair, chief ex­ec­u­tive of­fi­cer, JLL In­dia.


DLF Place cur­rently houses about 120 stores

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.