Incepted in the year 2009, Korum mall is the biggest in the city of thane. It took long time to start basically due to the opposition of the society located behind it. But eventually things worked for them, and the mall was successfully open. It is a flagship project of KALPTARU PROPERTIES. Korum attracts thousands of footfalls every day. Highest recorded at more than 50,000 on a republic day. Awarded with the Asia Pacific International Property Award 2009 for Best Retail Development, Korum has now become a huge shopping destination for people. Location/ Site analysis:
Korum Mall is located in midst of Thane city Off Eastern Express Highway ensuring maximum connectivity to residential complexes, hospitals and public transport facilities. It targets people from thane, mulund, powai, bhandup, mira road, etc. Catchment area/ footfall analysis:
Most people in thane work in town and other areas out of thane, that is the main reason why footfalls are less on weekdays; and high on weekends. Monday- Thursday: 15,000 visitors.
Friday: 20,000 to 30,000 visitors.
Saturday: 35,000 to 40,000 visitors.
Sunday: 40,000 to 45,000 visitors.
Last year on 26th jan 2010. Mall recorded highest footfall ever i.e. more than 50,000. Design and traffic flow:
Korum Mall, spread over half a million sq.ft. and containing a grand atrium of over 25,000 sq.ft. The property also houses a 20,000 sq.ft. hobby and leisure store, Four screen Multiplex with an overall seating capacity of over 1000 seats and one gold class lounge, a 15,000 sq.ft. Family entertainment centre and a food court that can seat more than 550 people. The ultimate retail destination that has 125 brands. Landmark facilities with multilevel car park for 1100 cars and 700 two wheelers. Energy efficient air conditioning, automated building management system and power backup create unparalleled mall facilities. The mall has one front entrance, 1 side entrance and another basement parking entrance.
Tenant portfolio/ ownership structure:
The mall has its own set of rules and regulations. A tenant cannot be allowed to be given an area for more than 4- 5 years in a single contract. All the areas on rent and the rent structure are as follows. a) Ground floor rent is highest; it goes down as the stores go up the level. b) Strategic location of the store also plays an important role in deciding the rent of the store. For eg. If a shop opened just next to an anchor store its rent would be high. c) Anchor stores are the store which occupy maximum floor area and pay comparatively lesser rent mainly because of economies of scale and also because it is footfall driver for the mall. An additional peculiar thing that exists would be that the mall has maximum number of reliance stores. (Reliance jewel, timeout, digital, trends, i- digital) so they have smartly done a combo- buying for the space in the store. And also segregated there stores at multiple levels Anchor Stores:
Few of anchor stores are: Star Bazaar (65,000 sft), Westside (25,000 sft), Reliance digital (12,000 sft), Reliance Trends (28,000 sft), Inox Multiplex (40,000 sft). Vanilla stores are Sole one, Reebok, AND, Adams, Global Desi, Envi, Spykar, Gini & Jony, Mochi, Bose, Archies Gallery, Jashn, Hastakala, Origin Games, Puma, Indian Terrain, VIP, United Colors of Benetton, Allen Solly, Peter England, Tommy Hilfiger, Louis Philippe, Van Heusen, Jockey, Addons, Fab India, Panchvati, Levis, 5Cms, iStore, Lee, Satya Paul Accessories, Woodland, Reliance Footprint, Kailash Parbat, KFC, Carbon, Red Moments, Liliput, Subway, Soup Bow Main reason of Mcd not having any presence in such a highly successful mall is that Mcd occupies a space in a mall for 20 years where as it is against the policies of the mall where, they give only for 4 to 5 years. Future Stores: Of 125 brands in the mall 100 are occupied and the other 25 have still not reached opening stage. A few that would add to the flavours of Korum in...
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