Sanjay Prabhu, general manager, InOrbit Mall, told FE, Anchor tenants within InOrbit Mall will see a 15% drop in their sales as the number of footfalls will obviously come down. However, in order to ensure that the food court and entertainment business escape the impact, we are placing huge plasma TVs at the relevant levels for the three days. In India, half the shopping in malls is usually done over the weekend.
Competitor Nirmal Lifestyle Malls CEO Rajiv Jain said, We believe the concluding IPL matches will create about 20% to 25% dent in footfalls. During weekdays, our CR (commercial retail) has dipped by 30%.
Although Hypercity India, a leading hypermarket retail format, has posted a marginal dip in margins since IPL started, its officials said IPL has rather influenced and improved sales of categories like televisions by over 10%. Competitor Future Group, which has not yet witnessed a significant dent in sales during weekends, is expecting a 30% dip in customer footfalls at its Big Bazaar and Pantaloon this weekend, its officials said.
Meanwhile, Reliance Retail expects to see about 25% dent in customer footfalls at Reliance Trends, its speciality apparel store and RelianceMart hypermarket. Shoppers Stop too fears a 25% dip in footfalls during this weekend.
Gopal Ladha, CFO, Suashish Diamonds Ltd, said, We will witness about 25% dip in revenues for Ishis diamond jewellery.