SECTOR: Real Estate
The Phoenix Mills
The Phoenix Mills has been the pioneer in developing
and operating city centric retail-led mixed-use
consumption hubs. Shishir Shrivastava, Joint
Managing Director, The Phoenix Mills, shares more...
Major challenge faced in FY2018-19: Sometime in FY18, an economic slowdown seemed to be imminent. Thus, in FY18-19 we increased our efforts to capture a sizeable share of the consumers’ potentially shrinking wallet size. Our efforts, time and money were well spent on anticipating consumer aspirations resulting in an improved product and brand mix, improvement amenities for our mall visitors, focussed marketing, experiential events, mall interior design upgrades, an extraordinarily curated art programme, a well thought out live act and performing arts calendar, unique seasonal décor, etc.
This strategy worked well. The biggest contributor to the company’s growth in FY2018-19: We attribute our growth in FY2018-19 to several short term strategies implemented during the year, and a few longer term strategies that were implemented during the previous years, the outcome of which was witnessed in FY18-19. Aside from the performance of our malls themselves, improving on account of increased consumption, we have seen growth in our income from the office portfolio, hotels and residential business in the said year. The impact of consolidating our stakes in various assets was also seen in last two years financial performance. Importantly, this team comprising the Phoenix family is one of the most important contributors to our performance. Our top management has been with us for several years and the wisdom and experience gained stays in-house.
