CHEN­NAI

Images Retail - - COVER STORY -

Mar­ket Sum­mary

De­mand for retail space re­mained steady across high streets and prom­i­nent mall de­vel­op­ments of the city. Leas­ing ac­tiv­ity was driven by do­mes­tic ap­parel, elec­tron­ics and F&B op­er­a­tors. Dur­ing the re­view pe­riod, the city wit­nessed com­ple­tion of VR Mall, an or­ga­nized retail de­vel­op­ment, by Vir­tu­ous Retail. The mall has a leasable area of about 1.0 mil­lion sq. ft., with H&M, Marks & Spencer, West­side, Life­style, Max, Pan­taloons, Trends as an­chor ten­ants, along with a Fun City En­ter­tain­ment Cen­tre and a PVR mul­ti­plex. The mall also houses in­ter­na­tional re­tail­ers such as Ham­leys, For­ever 21, Steve Mad­den, Su­perdry, Vero Moda and Star­bucks, along with a co-work­ing space “The Hive”.

Across high streets, ap­parel

play­ers led leas­ing ac­tiv­ity, with brands such as Ray­monds open­ing out­lets across

Anna Na­gar and Cathe­dral Road; Biba set­ting up a new store in Nungam­bakkam; and Neerus launch­ing an out­let on Cathe­dral Road. In ad­di­tion, Har­ley David­son (au­to­mo­bile), Poorvika (elec­tron­ics), KFC (F&B) and 7 Sports (sports and fit­ness) opened out­lets across high street lo­ca­tions.

Rental Trends

De­spite steady retail ac­tiv­ity, rental val­ues across high streets largely re­mained sta­ble dur­ing the re­view pe­riod. Al­war­pet and Ad­yar were ex­cep­tions as they wit­nessed a 3-6% half-yearly rise in rentals due to lack of qual­ity retail space. In the or­ga­nized seg­ment, rental val­ues in prom­i­nent malls such as Ex­press Av­enue, Phoenix Mar­ket City and Vi­jaya Fo­rum mall ap­pre­ci­ated by about 6-9% on a half-yearly ba­sis. However, rentals in other malls re­mained sta­ble dur­ing the re­view pe­riod.

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