“We felt the operation of the store could be enhanced if it was much smaller as it was not doing great business anyway,” said Gayatri Ruia, development director, Palladium, Phoenix Mill.
Landmark was closed after mall owners took over the space for repair work. The management also advised the bookstore to accommodate more brands in the large space to generate better sales and greater footfalls.
“We have concluded the deal. There will be a smaller Landmark store with a coffee shop. We should be able to give the space back to them in two months’ time,” Ruia added.
Incidentally, the coffee shop may be a Starbucks, as the Tata group has a joint venture with the US-based coffee giant in India.
Lijen Thomas, head of marketing for Landmark acknowledged the need for the revamp saying, “There has been a change in the business environment. It’s not viable to run such a large store. We are looking at relaunching the property with changes.”
Sources said the Tata management was not keen on giving up the large space, but rising real estate costs and e-retail threatening the survival of bookshops forced them to look at the new option.