Kolkata-based Mani group has planned to invest Rs 2,000 crore over the next four years to create retail spaces in Jaipur, Bhubaneswar, Durgapur, Siliguri and Bantala.
Subesh Roy, senior vice-president and marketing head of the company, said: “We have planned to invest Rs 2,000 crore over next four years to create at least two million sq ft of retail space.” Refusing to comment on the proposed size of the malls, he said it will be funded through external commercial borrowings and strategic partnerships. Required land for the projects has already been acquired.
The group has already opened its first supermall, Mani Square, in Kolkata on the Eastern Metropolitan Bye pass. It has created a retail space of 3,50,000 sq ft in the 7,10,000 sq ft mall. It has also put up 1,00,000 sq ft for office, 25,000 sq ft for banquet and business centre and 1,50,000 sq ft for multilevel car parking that can accommodate 1,500 cars.
According to Lou Armstrong, chief operating officer of the group, services provided to clients will enable malls to stand out in the competition. The group is bringing experts from overseas to train its staff.
While the mall has maintained the traditional core design, the gross area is almost 16% of the retail area. “I compare and am on record saying Kolkata is what I saw in Singapore back in the sixties. There is no reason why Kolkata can not compete with other metropolitan cities in the world that attract new business and tourism,” Armstrong said.
Mani group is eyeing a footfall of 30-35,000 per day at par with the malls in Saudi Arabia. “I don’t prefer to go by the number of footfalls. Number of packets being carried by people coming out of the malls makes more sense to me,” Armstorng said.
According to the Armstrong, who has been into the mall management for last two decades, mid-level brands have been successful globally. Mani Square has housed brands like Costa caf?, Etam, Anita Dongre’s Pr?t collection for the first time in Kolkata.
