Select Citywalk looks to open another shopping centre
As a part of its expansion plans, Select Citywalk, operator of the plush shopping centre at Saket in Delhi, is considering opening another mall. The company is mulling locations beyond Delhi-NCR for its second shopping centre, though the national capital region remains its first preference, and is looking for long-term financial partnership for the project. It is also experimenting with its own e-commerce channel to cater to customers who skip malls for their convenience.
“Now we want to get into another mall. Now, we are in the process of deciding size of the mall… location of the mall, how can you make it a smart mall which is the only channel from day one,” Select Citywalk ED and CEO Yogeshwar Sharma told PTI. While planning for the mall, Select Citywalk would keep pace with the changing priorities in the retail landscape and focus more on the brands/segments which have potential of continued presence in brick and mortar format, he added.
“So in the next mall what we are planning we will have these categories which are futuristic, which cannot go online, will have more prominence and more percentage of category mix cinema, entertainment and the best use of technology to run these smartly,” he said. Asked whether Select Citywalk may acquire any other mall as part of its inorganic growth if it finds the right match, Sharma replied in the affirmative. The company is also looking at opportunities in mall management as another avenue of growth.
It recently started managing the Shipra Mall in Indirapuram, Ghaziabad and is eyeing long-term alliances in this segment. Presently, Select Citywalk has a sales ratio of Rs 3,200–3,300 per square foot. “Still, after ten years…we are India’s best shopping centre in terms of sales per square foot,” Sharma added. Select Citywalk has also started a loyalty program and home delivery in the NCR region, following the best practices of international malls.