If mall developers could move their properties around rather than be stuck with oversupply in some areas, they would surely grab the opportunities in Jharkhand and Orissa, two mineral rich states whose capitals are yet to become retail destinations, let alone crowded ones.
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Orissa, or rather its capital Bhubaneswar, is better placed than Jharkhand at the moment, since it already has a Big Bazaar retail outlet. In fact, shopping in a market-mall is gradually becoming a fashion statement, and the success of the Big Bazaar outlet has brought in its wake another, Vishal Market Mall.
The Big Bazaar outlet has become a landmark in less than two years, sprawling over 51,000 sq.ft. It has already started posting a profit even though it is yet to complete its third year. While local officials were reticent about the investments or the profit figures, it is learnt that the store needs sales of Rs 2.80 crore a year to break even.
Forget oversupply. Big Bazaar is also facing problems in getting space for expansion. Initially, it had taken a major portion of Forum Mart, not sure if its model would click in a small city like Bhubaneswar.
The second Big Bazaar outlet has come up in Cuttack, about 28km away from Bhubaneswar. It is also planning to set up a second outlet in Bhubaneswar city, at Patia. ”The market malls in Orissa are coming up according to the customers demand,” says Priyadarshi Mishra, the president of Super Bazaar, a government controlled market mall in the co-operative sector. After Big Bazaar, majors like Shopper’s Stop and C3 are also eyeing locations in Bhubaneswar.
So, whether it is Bihar, Jharkhand or Orissa, oversupply is the last worry for mall developers or promoters!
http://www.financialexpress.com/fe_full_story.php?content_id=145594
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