Course correction going on in Ishanya speciality mall
In what could be interpreted as a bid to turn it around, Ishanya, the Deepak Fertilisers and Petrochemicals (DFPCL) promoted speciality mall in Pune that is dedicated to home interiors, seems to be undergoing a course correction.
Major part of the turnaround strategy, which involves no investment by the promoter, entails allocation of nearly 30 per cent of the available space for food and beverage and entertainment. With a total of 3.65 lakh sq ft of retail trading space, approximately 1.4 lakh sq ft or 38 per cent of Ishanya stood occupied at the end of fiscal 2014.
In the current fiscal and FY16, occupation levels are expected to touch 56 per cent and 77 per cent, respectively. By the end of fiscal 2015, we expect to lease out a total of nearly 200,000 sq ft of space, around 70,000 sq ft of space will be allocated for F&B and entertainment as stated by Mahesh M, Ishanya’s CEO.
The change is being done in order to gather more revenue from the development. The course correction work might end up taking some time.
Source: The Hindu Business Line
Deepak Fertilisers and Petrochemicals, DFPCL, Ishanya speciality mall, Mahesh M, retail trading space
