Download - Prestige Constructions

VP sPeak
this issue of Falcon news, it is my privilege to
report to you on behalf of the entire retail team at Prestige.
these are exciting times for the retail business in india as a whole, and at
Prestige the action has been frenetic to say the least. over the last seven
years or so, our presence in retail has grown in leaps and bounds and
today we stand on the threshold of becoming one of india’s pre-eminent
players in this segment.
it all started, of course, in 2004, when Prestige triggered a revolution in
Bangalore’s retail scenario with launch of the Forum at koramangala.
the Forum transformed shopping from a mere across-the-counter
transaction into a much richer, multifaceted experience that we christened
‘shoppertainment’. it set a new paradigm for the retail business in
Bangalore which was embraced whole heartedly by the new generation
of shoppers. the ‘mall’ became the new go to place.
continuing its foray into the organised retail arena, Prestige then
opened the collection at uB city, in association with the uB group,
at Bangalore. With over 40 of the world’s most premium brands
gathered under one roof, and arguably, the best place for food and
beverage in the city, the collection at uB city is india’s first true
luxury shopping destination, and is today a must-be-seen-at hotspot
for connoisseurs of luxury.
We then moved to the other end of the shopping spectrum with
Forum Value Mall, in Whitefield Bangalore. Set up in association with
capitamalls asia, the Forum Value mall offers the best of both worlds
to the shopper who is both brand and value conscious, besides being a
hub for the neighbourhood community to meet and mingle.
Prestige entered into a formal alliance with capitamalls asia in 2008
to replicate the Forum concept across major cities in south india,
including hyderabad, kochi, mangalore and mysore. Besides, Prestige
is also establishing new malls at chennai and at Prestige shantiniketan
in Bangalore.
our efforts at present are directed at setting up and getting these new
malls off the ground and i am happy to inform you that the projects are
all proceeding as per plan.
By early next year, the Forum Vijaya mall at chennai will be open
for business. With a gross leasable area of 675000 sft, the mall will
be almost twice the size of the Forum koramangala. i am happy to
report that the response from the retail fraternity in chennai has been
tremendous. So much so that we are finding ourselves hard pressed to
accommodate everyone!
Work in hyderabad and mangalore is also progressing at a brisk pace,
and we are scheduled to open in the first quarter of 2013. Hyderabad
will be our largest mall to date with a leasable area of 850000 sft.
By 2013/2014, the Forums at kochi, mysore and Prestige shantiniketan
will also be fully operational. this will then make Prestige one of the
largest players in the shopping mall arena in india.
our focus at this stage remains on south india. Post 2014, we will look
at going beyond the major metros and taking the world class Forum
experience to the consumers of select tier two towns as well. ultimately,
our aim is to dominate the markets that we are present in, by providing
simply the best ‘shoppertainment’ experience available in india.
one factor that is critical to our success is the availability of talent. retail
is a people to people business that is driven by the quality of the person
on the floor. We are alive to this fact and have already commenced the
process of building and training a strong talent pool that will staff our
malls. i must stress that this represents a tremendous career opportunity
for experienced retail professionals, as our vision and plans are engineered
for the long haul and growth avenues will be available in plenty.
that is it then, from the retail front, for the moment and i hope to be able
to communicate with you again through the pages of Falcon news soon.
meanwhile, my best wishes to you all for the festive season and, of
course, ‘happy shopping!’
raghunandan s.
ceo
(retail)
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