Ruias' Phoenix chain set for big expansion
Phoenix MarketCity, the high street chain owned by the Ruia family, which started in Mumbai ten-years ago, is expanding to new locations in India, and is growing along with Palladium- the luxury mall promoted by Phoenix MarketCity. Rachit Vats & Sachin Dave report.business Updated: Feb 14, 2012 20:51 IST
Phoenix MarketCity, the high street chain owned by the Ruia family, which started in Mumbai ten-years ago, is expanding to new locations in India, and is growing along with Palladium- the luxury mall promoted by Phoenix MarketCity.
"Palladium fits in the high-street Phoenix but it has found its own entity. We'll take it to Bangalore to start with," said Gayatri Ruia, development director, Palladium mall.
"The average store in Bangalore is already a premium store and it is now ready to go a higher notch," said Ruia. Phoenix Mills' Bangalore mall started operations in November 2011 and Palladium will be housed in it.
"When we started marketing Palladium four-years ago the market was at an all time low. Today, we are seeing a lot of buying and interest from brands," said Ruia.
Phoenix Market city is expanding into new territories some of them are in partnership. The recent projects, which have become operational, are in cities such as Pune, Bangalore, and Chennai. The other new territories where it will make a debut include Lucknow, Bariely, Agra, Indore and Raipur.
According to Technopak luxury malls; DLF Emporio, UB City and Palladium are becoming popular, as they offer the niche mix of international and Indian luxury brands under one roof. Going forward the desire to experience luxury will percolate to mini metros such as Chandigarh, Surat, Ludhiana, Jalandhar and Aurangabad.
Phoenix Mills would focus on its retail operations. The company had earlier announced its plan to build a Rs 350 crore 5-star hotel at their Kurla mall in partnership with Marriott Hotel. This plan has been cancelled following a slump in the hospitality business, the company official said.
First Published: Feb 14, 2012 20:49 IST