Builders cashing in on Bangalore’s mall mania

Builders cashing in on Bangalore’s mall mania
R Jayaprakash | TNN

Bangalore: When the first shopping mall opened in Bangalore in the late ‘90s, the city was hooked. Today, the mall culture is an integral part of the social landscape, with 20-odd malls all over the city. Next year, shoppers can look forward to 10 more places to indulge themselves.
While some malls are still on the drawing board, work on 12 of them has started and builders are racing against deadlines to complete them.
Even the BBMP has hopped onto the bandwagon, converting the 50,000-sqft market complex at Madiwala to a mall that houses many big brands.
Developers are also converting old industries and theatres in the heart of the city to swanky shopping destinations. While over 20 malls have come up in the past three years, sources reveal that by mid-2008, 5 million lakh sqft of retail space will be up for grabs. They add that the market is already abuzz, with big brands keen on closing deals well before the malls are completed.
The first retail wave hit Bangalore in the 1990s when supermarkets were introduced. The mall concept took the city by storm in 2000, after its success in the National Capital Region — Delhi and Gurgaon — and Mumbai.
Malls of international standards such as Forum, Bangalore Central, Garuda, Sigma, Poorva Pavilion and a host of others have redefined Bangalore’s skyline.
The city will soon boast of what is touted as the largest mall in the country — Mantri Mall on Sarjapur Road, which will have a built-up area of 18 lakh sqft.
Malls are so successful because they create a win-win situation for both builders and consumers.
Developers are bullish as capital holdings in malls gives them strong real estate assets and wide visibility, with the imposing malls seen as signature buildings. Moreover, space in malls comes at a premium and retailers don’t think twice about setting up shop there.
As for shoppers, malls are convenient because of the wide range of lifestyle products available under one roof. Recliners with massage facility, kids’ corners, cafeteria, beauty saloons and gaming zones are value additions that keep shoppers inside the malls. Compared to the old shopping centres, where shoppers tired easily because of compartmentalized stores, the layout of malls makes it easy for them to splurge.
“The future of retailing is in these malls, with hypermarkets and mega stalls being the trend. Big players are entering the Bangalore market — Walmart, Carrefour, India Bulls, Birlas and Reliance. The segment is maturing,’’ said Farook Mehmood, MD, Silverline Realty.
COMING UP NEXT
Ramkumar’s (Ramkumar Mills) Forum Mall II (Shantiniketan, Whitefield) Ozone (Whitefield) Brigade Metropolis, Brigade Gateway (Yeswanthpur) Mantri House (Sarjapur Road) Sobha Minerva (Minerva Mills) Sigma Grand Tata Imperial (erstwhile Imperial Theatre) Galaxy Embassy (erstwhile Galaxy Theatre) Poorva Mall Garuda II (erstwhile Swagat Theatre)