Theme-based malls

MUMBAI: To insulate themselves against lower footfalls, mall developers have begun setting up specialised malls like entertainment malls, gold souk (market), budget hotels and auto malls across the country.

Industry players feel the rate of conversions (that is, the number of consumers making actual purchases) are higher in specialised malls vis-à-vis the regular malls.

“Compared to other normal malls, 60-80% conversions take place in specialised malls. More footfalls does not mean more sales. It is not the large number of people that matter, but the number of conversions that is relevant in the success of the mall,” V Suresh, director and chief financial officer, Aerens Goldsouk said. The souk provides traditional jewellers, who focus on single, stand-alone outlets, an opportunity to expand the business in multiple locations.

Close on the heels of Pantaloon-Inox deal, Pyramid Saimira Theatre (Pyramid), India’s largest digital theatre chain company, is in talks with Spirit Global Construction and Sriram group to set up malls focused on entertainment.

Sources close to the development said that Pyramid Saimira will enter into a strategic tie-up with Spirit Global Construction to set up around 60 malls that will be focused on entertainment soon.

As a part of agreement with the two parties, these 60 malls will be anchored by Pyramid, who will take the entire entertainment part of the malls, while Spirit Global will construct the malls with an investment of Rs 2,000 crore. The entertainment malls will be branded as Global Pyramid.

“These malls will feature multiplexes, pay-per-view parlours, interactive video-conferencing, web streaming, context-based advertisement, online and multi-party gaming, Each mall is expected to be sized about 2,00,000-10,00,000 sq ft,” a senior Pyramid official said.

Aerens Goldsouk International recently said that the firms are developing 100 gold souks in 100 cities in India and abroad. The 100 gold souks will be opened in a phased manner.

The Hyderabad-based Prajay Engineers, engaged in construction business is planning to build an automobile mall in Hyderabad. The mall project, called Prajay Autopolis, will provide consumers the convenience of buying automobiles in a multi-brand retail space, the company has informed the stock exchanges.

“The proposed project will be an end-to-end automobile solutions location, comprising, sales and financing servicing as well as ware-housings,” DS Chandra Mohan Reddy said.