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Leasehold is a more profitable model in the long-term: Nandini Taneja Reach Group

Nandini Taneja, vice president, Reach Group speaks about retail formats and their profitability, footfall and high performing categories

The Reach Group has developed some noteworthy projects in Gurugram which includes mall, high street, and office spaces. A few other projects in Delhi NCR are also in the pipeline.

Ms. Nandini TanejaIn an exclusive interaction with IndiaRetailing, Nandini Taneja, vice president, Reach Group talks about the group’s existing and upcoming projects and about which models works the best for the company.

Tell us about your retail projects.

Currently, we have four operational projects, out of which Airia Mall by Reach and Lakeshore, Reach 3 Roads are retail, Reach Comercia & My Tower is commercial and Livina is residential.

Airia Mall is spread across an area of 1 million square feet (sq. ft.) of retail space, out of which 5,00,000 sq ft. is operational, and the rest is under construction.

Reach 3 Roads is an organised high street in the middle of a dense residential area in Sector 70, Gurugram. It hosts brands like Croma, Starbucks, Looks and Sodhi Supermarket among other retail brands which are a mix of national, international and regional. It also features restaurants, breweries and banks. Above this, there is a 70,000 square feet office tower.

What is the footfall at these retail spaces?

In Airia Mall by Reach & Lakeshore, the footfall is about 20,000 to 25,000 per day on an average while that at Reach 3 Roads would be about 7,000 to 8,000 per day. In case of an event, the footfall varies, we can expect a much larger audience.

What kind of brands are you looking to add to these retail spaces?

In Reach 3 Roads, we are planning to have a major anchor on every floor like a fashion anchor on the first floor, a kid’s area on the second floor and a multiplex on the third floor.

In Airia Mall by Reach & Lakeshore, the focus is on fashion. There are also some new launches in the mall like Soul by Striker which is a Greek format brewery, Knot which is a bar and restaurant and Roadies. Currently, the mall is leased 97% and we can look to add more brands as we expand the space.

Which of the categories gets the most revenue?

In large format mall, beauty, skincare and women’s fashion are leading. Also, home is doing fairly well. At Reach 3 Roads, supermarkets and saloons perform well. Leisure and kid’s wear follow closely in popularity.

Mall or high street, which is more profitable?

All retail centres are planned differently. One of these is a complete leasehold model, which we jointly own with the Indian arm of Abu Dhabi Fund, Lakeshore. This project works on a long-term model. So, in the long-term large retail centres with a leasehold model is more profitable.

What changes are you bringing to the mall in sync with current trends?

Nowadays, malls are not just shopping centres but experiential centres and family entertainment centres. Consumers come to these venues for more than just shopping. Attracting customers and entertaining them requires organizing engagement activities.

We invite stand-up comedians and influencers, arrange science shows for kids, set up flea markets according to the season, invite bikers, celebrate Zumba Dat and much more.

Tell us about your upcoming projects.

We are evaluating new projects in both formats—mall and high street. All we can share is that they will be located in Delhi NCR.

 

 

The post Leasehold is a more profitable model in the long-term: Nandini Taneja, Reach Group appeared first on Retail News | Retail Industry | Business Information & Latest News.



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