Phoenix spreads it retail vertical

Mumbai-based Phoenix Mills is planning expansion through shopping malls. Recently it

opened a mall in Pune ‘Phoenix Market City’ spread over 30 lakh sq. ft. with an investment of over Rs 700 crores. The mall comprises a large courtyard, hyper market area, book store, electronics and a toy store. It also has community spaces with water bodies, public plazas, hospitality, retail, F&B and entertainment. It has 55 stores in operation, but it can accommodate 300. The development also boasts of one of the biggest multiplexes in the city. Phoenix is also planning to develop two five star hotels within the market city. More such Phoenix Market City malls are planned in Mumbai, Bangalore and Chennai by March 2012 to give consumers a high-end shopping experience and a place that offers a holistic lifestyle and leisure experience. According to Atul Ruia, MD, Phoenix Mills, the Pune mall is a significant step in building a blueprint for future Phoenix developments around the country and allows them to leverage their expertise in real estate development. This lifestyle destination, a futuristic mixed-use led retail development format represents an important milestone in Phoenix Mill’s strategy to diversify in growing markets.

The Mumbai-based Phoenix Mills feels it can have such malls by leveraging its expertise in real estate development. In Mumbai, Phoenix Market City is coming up in the eastern suburb of Kurla with an area of about 4.05 million sq. ft. The endeavor is to create a city within a city.