Kolkata will join the league of other three metros in getting a luxury mall with the scheduled opening of Quest mall from the RP-Sanjiv Goenka Group.
The mall, set to be launched next week, has been developed by CESC Properties Ltd., a subsidiary of the group flagship CESC. It will have a 7.2 lakh sq. ft. built-up space, with a retail area of 4.15 lakh sq. ft.
At least nine international brands are set to open their stores in the mall whose anchor would be Lifestyle and Spencer’s Retail, the Rs.1400-crore multi-format retail venture of the RP-Sanjiv Goenka Group.
“This is an attempt to boost trade and reinforce the city’s [Kolkata’s] image as one of the most attractive commercial centres in the country,” Group Chairman Sanjiv Goenka said.
Commercial real estate services firm Cushman Wakefield said that at present only about one per cent of mall space was fit for luxury mall, and the National Capital Region, Mumbai, and Bangalore had been the favoured destinations of luxury retailers.
As of now, there are no luxury malls in Kolkata, Hyderabad, Ahmedabad and Pune, among India’s large cities.
Sanjay Dutta, Executive Managing Director, South Asia, Cushman & Wakefield, said that global luxury retailers, keen on entering or expanding in India, were sceptical about finding available retail space as luxury retail had specific requirements in terms of location, ambience and adjacency of exclusive brands.