Spanish retailer Zara has made its entry into the Oberoi Mall of Mumbai suburb of Goregaon, which overshadowed Central.
Malls are becoming the new generations all in one point destination. Be it clothing, food, movie and whatnot, which is why people have been very peculiar and particular about brands.
Making their way into Indian sub-continent, some international products are actually replacing the local stores such as: Swedish clothing retailer H&M has displaced Big bazaar and Pantaloon in the Phoenix Mall of Central Mumbai and DLF Saket in Delhi.
Similarly Spanish retailer Zara has made its entry into the Oberoi Mall of Mumbai suburb of Goregaon, which overshadowed Central.
As per T Anupam, Vice-President, Oberoi Mall, mall owners are getting better yields from international investors and this is one of the reason, why the international products are easily displacing the local stores.
He also said that International brand sales per square foot every month is higher than those of the domestic retailers.
“The rental yields are 25 to 30 per cent higher when it comes to international brands versus Indian brands,” adds Anupam.
Rajendra Kalkar of Phoenix Mills Ltd said, “We knew that by replacing Big Bazaar we were not at a loss since it was the up-market South Mumbai clientele, who would not mind missing out on a mass hypermarket like Big Bazaar, that we wanted to address."