DLF Ltd. will invest Rs 200 crore to expand its mall at Vasant Kunj, with a dedicated shopping area for luxury products and plans to develop 300,000-400,000 sq. ft. of space as a luxury retail area next to DLF Promenade, revealed Siddharth Natu, mall head-Delhi cluster, during a recent interaction with Images Group
Founded in 1946, DLF is among the largest publicly listed real estate companies in India with residential, commercial, and retail properties in 15 states and 24 cities. It runs across India namely DLF Mall of India, DLF Promenade, DLF Avenue Saket, DLF City Centre Mall, DLF South Square, DLF Emporio, among others.
Excerpts from the interview…
Going forward, where do you see the Indian real estate industry in 2023?
The real estate industry is likely to explode in India. The market growth is expected to be around 15% until 2027. The developments that had been stalled during the pandemic have picked up the pace and most of them are on track to be completed over the next few years.
The Tier II & III markets such as Ahmedabad, Chennai, Goa, Baroda, Indore, Nagpur, etc. will also see new developments. New brands that have been in the D2C space have realised that brick-and-mortar is important and hence there is a huge push for consumers purchasing decisions.
What factors do you think will be the game changers for the industry in the coming years?
The game changer would be the influx of international brands that would like to capitalise on the Indian audience. Brands such as Pret a Manger, luxury brands such as Valentino, Balenciaga, etc. are all planning their launch in India in 2023. These brands require huge infrastructure, requirements, etc. that are available and curated by DLF Malls.
Second factor is the disposable income and purchasing power of the consumers. Generation Z becoming aware and has the availability of products, and experiences at their disposal, malls must ramp up their games to welcome this new generation that’s tech-savvy, well-shopped, educated and has a world of knowledge about brands, products, etc.
Share the vision for your mall in the coming year, elaborating on the brand growth and ambitions related to this?
DLF Malls including DLF Promenade has been a trendsetter in the mall industry. As a brand, DLF Promenade is a fashion-forward and aspirational for consumers within Delhi and neighbouring cities. In the coming year, we will see new brands being introduced and a revolution of infrastructural changes that are set to happen for the expansion of the mall.
Are there any expansion plans or new development phases lined up for the mall?
DLF will invest Rs 200 crore to expand its mall at Vasant Kunj, in the national capital, with a dedicated shopping area for luxury products. The brand plans to develop 300,000-400,000 sq. ft of space as a retail area next to DLF Promenade.
Demand for luxury retail has grown post-Covid and this additional space will help us in getting international and domestic luxury brands. It will also give a boost to our retail rental portfolio.
The DLF mall at Vasant Kunj is spread over 500,000 sq. ft. with international and domestic luxury brands as tenants.
Three tech implementations that you want to introduce in your mall in the coming year? And why so?
Once the mall expands, we will be introducing ‘ticketless pay and park for the consumers.’ Application of some WhatsApp bots that can help with consumers about offers, navigation, etc.
DLF Mall loyalty programme will be an all-inclusive app for consumers across the DLF portfolio.
Three consumer experiences that you want to introduce in the coming years?
In the coming years with the expansion plans, DLF Promenade would be keen to introduce the following:
- A creche for parents to leave their kids and enjoy shopping
- Gaming and engagement zones for the teens
- Variety of brands for the consumers to choose and shop
Three wish lists for the mall in the coming year?
- Consumers to have good time at the mall
- The tenants enjoy the space with maximum engagement from our consumers
Are there any new stores in the pipeline in the coming months? Kampai – the Japanese F&B brand is all set to open in the month of January 2023. Small kiosks such as Typsy Beauty will also be opening in the atrium.
We have recently launched the biggest Zara store in Delhi. The 12,000 sq. ft. store is the first in India with a beauty section.
The article was first published in Shopping Centre News January 2023 issue.
