What did you do last weekend? If you are from a metro city like Mumbai, you probably went to a mall. But if you are from tier-II or tier-III cities like Lucknow, Indore, or Bhubaneswar, you would have definitely visited a mall. At least, that’s what data shows. Atul Ruia, chairman, Phoenix Mills, India’s largest mall chain, can’t stop talking about this to his investors. His Phoenix Palassio mall at Lucknow, Uttar Pradesh has surpassed trading
Business News›Prime›Markets›Dehradun to Surat, Ludhiana to Kochi: Big mall developers bet on smaller cities for profit
Real Estate
Dehradun to Surat, Ludhiana to Kochi: Big mall developers bet on smaller cities for profit
Synopsis
Building a mall is a capital-intensive business and achieving break-even can take over five-seven years. Also, bigger the city, the more expensive is the development. Even the recovery of investment takes a longer duration. But smaller cities with an aspiring consumer base can change this equation in favour of developers.
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