Nexus Select Trust’s Retail Revolution

Behind the Scenes of India’s Largest Consumption Platform – Vision, Velocity, and the Next Phase of Growth

At the Capital Markets Day hosted by Nexus Select Trust, a spirited fireside chat brought together three of India’s most influential minds in real estate: Anuj Puri, Chairman of Anarock Group; Tuhin Parikh, Senior Managing Director at Blackstone; and Arjun Sharma, Vice Chairman of Nexus Select Trust and Chairman of Select Infrastructure. With humour, history, and high conviction, the trio peeled back the layers of what powers India’s largest retail consumption platform.

From a Mall to a Movement: The Genesis of Nexus

Tuhin Parikh shared the strategic roots of Nexus Select Trust with characteristic candour: “There wasn’t some grand vision. Blackstone believes in doing few things, but going deep and doing them at scale. That was the thinking.”

Having seen the durability of location-led retail through his early days, Parikh was convinced that retail in India could be resilient and scalable. The first step came in 2016 with the acquisition of Amritsar’s AlphaOne mall. What followed was a blistering pace of platform-building, thanks to a core belief: great assets need great operators.

The Power of Partnership

For Arjun Sharma, aligning Select Citywalk — India’s most iconic mall — with Nexus was both strategic and philosophical.

“When you have a partner like Blackstone, with deep respect for colleagues and partners, the decision is easy. Nexus’s platform allowed us to monetize while becoming part of something much larger. And Nexus’s playbook on acquisitions is just stellar,” Sharma said.

He underscored that consumption centres like Select are no longer just malls, but emotion-led ecosystems with marketing, footfall management, and lifestyle curation at their core.

Buy or Build? A Case for Strategic Acquisition

When asked about the ‘build vs. buy’ dilemma, Sharma noted: “If you’re looking at a 10 year return window, development and acquisition yield roughly the same IRR. But acquisitions de-risk the timeline and regulatory uncertainty. And with our team’s expertise, we can turn around underperforming malls in 12-18 months with 20%+ IRR gains.”

He cited Nexus’s recent acquisition of Vega City Mall in Bangalore and its exponential post-acquisition growth as proof of the model.

Why India’s Retail Real Estate is Different

Parikh highlighted the distinctiveness of Indian retail from its global peers. “In the West, malls are utilitarian. In India, they’re cultural hubs. Our malls are more infill, experience-driven, and cashflow positive. This isn’t just about square feet. It’s about purpose,” he said.

He also pointed out that while global investors were wary of retail post-2010, India’s demographic dividend and urban consumption behaviour presented a compelling counter-narrative.

Why REITs are the Future

As a pioneer of REITs in India, Parikh believes their best days are ahead.

“REITs offer liquidity, transparency, tax-free dividend flows, and are easier for generational wealth transfer. No small office or shop can compete with that,” he said.

Currently there are four REITs with 1 more launching soon, Blackstone is all-in on this asset class.

Tier 2–Tier 3: India’s Real Growth Engines

Sharma highlighted how smaller cities are outperforming expectations.

“Bhubaneswar’s Esplanade Mall has seen double digit CAGR over 5 years. Ludhiana sells the most Mercedes per capita. We’re seeing Zara and H&M keen to enter these markets through our platform,” he said.

Parikh recalled initial doubts during the Bhubaneswar deal, only to watch the asset become one of the top performers in the Nexus portfolio.

The Most Involved Asset Class

While Parikh manages offices, hotels, logistics and retail assets, he admits retail is the most engaging. “Logistics is passive. Hotels are intensive but third-party managed. Retail? It’s a living animal. You innovate daily — from events to marketing revenue to tenant mix. Five years ago, we had zero in marketing income. Today, it’s over Rs. 100 crore,” he revealed.

Sharma added: “Which other business gives you 75% gross operating profit? And that too with multiple income streams beyond rent — from events to brand launches to ad revenue.”

Long-Term Parentage and the Future of Nexus

Will Blackstone remain a long-term parent?

“That depends,” said Parikh. “But whether we hold it forever or not, the foundation is built to last. The moat is real, the team is unmatched, and innovation is constant. Anyone who tries to replicate this will have to go through years of pain we’ve already endured.”

Sharma added: “We’ve only increased our shareholding since listing. And I’ve told Tuhin, I want him to be Chairman forever.”

Rapid Fire with Retail Titans

One city ready to explode? “Gurgaon, Navi Mumbai, and southern tech hubs,” said Sharma.

One global brand you want tomorrow? “We brought Apple. Next? Harrods or Galeries Lafayette.”

One Indian mall outside Nexus you admire? “Phoenix Parel, for their ability to innovate and hold the moat for decades,” said Parikh.

Biggest strength of Nexus? “Energy,” said Parikh. “People,” added Sharma.

Conclusion: The Nexus Thesis

If one word defined the chat, it was “passion.” Whether it’s Blackstone’s scale philosophy, Sharma’s wisdom garnered by running India’s most successful mall, or Nexus’s exponential ambitions, one thing is clear: India’s retail renaissance is being shaped not just by capital and catchments, but by conviction.

And in that conviction, Nexus Select Trust is not just running malls. It’s building India’s consumption future.

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