Prestige Estates Projects (PEPL), one of India’s top five real estate developers, is looking to offer more entertainment and dining spaces in malls while cutting back on apparel retailers.
- 40% of mall space is targeted towards entertainment and restaurants vs 15-20% currently.
- Company operates four malls at present. By 2030, it plans to grow to 15 malls spanning 10 mn square feet in cities such as Bangalore, Mumbai, Hyderabad, and Goa.
This is a very unique initiative and seems to be well aligned with the changing shopping habits of the Indian consumer.
It’s a fact that consumers are getting more and more comfortable shopping online whereas when it comes to entertainment and dining, experiences matter.
One can argue that even eating habits are changing due to food delivery platforms but the fact remains that dining at restaurants has it’s own charm.
Besides, PEPL’s idea seems to be a more experiential offering combining entertainment with dining.
Prima facie, to me, it does seem like a step in the right direction. I would be keenly watching the developments on this.