Destination malls aren't new to India, but this is the first time it's being carried out at such a scale. Ishanya is India's first destination mall for interiors. Team MGS spoke to IS Narula, President & CEO Retail Business, Ishanya.
How did this idea of a specialty mall come to you and why did you choose interiors and related products for it?
The promoters while building their personal bungalow in Pune found it was very difficult to get the material that they needed. They had to travel to many different parts of the world, to select products for both interiors and exteriors for their house. During their travel, they visited design centers internationally and felt that the time is now right to introduce the Indian version of the design centre concept.
Market surveys were conducted by ICICI Property Services and Knight Frank (India) Pvt. Ltd. The findings of both the reports said that there was an urgent need to have a speciality mall cum design centre considering the level of construction activity, which was projected in the Western Maharashtra area, Pune was considered an ideal location for such a mall. Hence, the internal inspiration was reinforced by the market reality. This synthesized the idea of Ishanya.
What is the USP of Ishanya?
Ishanya is a destination mall. The concept itself is its USP. Ishanya is the first of it kind; India's largest international design centre and speciality mall for interiors and exteriors.
With the Institute of Indian Interior Designer (IIID) having an office at Ishanya, how is that going to assist your customers in buying the products and services?
The IIID office at Ishanya will provide a collaborative, creative and knowledgebased environment for the architect and design community and will also develop a knowledge centre at Ishanya. A library developed by Ishanya will also be managed by IIID and will act as a hub of information for IIID members and the public.
What kind of product range do Ishanya visitors experience?
The entire 5.5 lakhs sq ft of retail space at Ishanya is divided into six unique arcades, each for a separate group of products. Totally 52 products and service categories have been provided for. We have one major multi product anchor and three sub-anchors. The categories of each of the major anchors are home furniture, office furniture, furnishings, linen, floor and wall coverings, lighting, kitchens, bathrooms, and home electrical and electronics, etc.
With over 50 stores open, Ishanya offers very wide choices right from the truly price competitive to the ultradesigner league. Ishanya is emerging as a pan-India platform for architects, designers, manufacturers, consumers and also the arts and culture community. By night Ishanya will convert into the cultural hub of Pune and form the backdrop for performing arts, music and multi-media shows or even a venue for corporate events. Ishanya is truly unique as it offers art galleries, specialized centers for design, training and research, seminars and exhibitions, features that will truly make it a design destination like never before.
Does Ishanya help designers and architects to showcase their abilities?
There will be a dedicated mock up and simulation centre created specially for your needs. This centre should be up and running soon. There will be an "Ideas Gallery" for some latest products and services and a simulation centre where customers can be helped to visualize their designs and make necessary modifications. The Knowledge Centre will have a library as well as software to help customers do some of their own basic designing. This is in addition to the facilities being provided by some of our tenants such as Home Town, @ Home, etc.
Can visitors get bundled services and products at the mall?
Not yet. But we are planning in this direction
Do you see the growth of such specialty malls in the future?
The concept of the speciality mall is proven and time-tested. Speciality malls are a modern extension going beyond the age-old concept of the traditional cluster market where one category of products came together in a city or town. Speciality malls, like speciality markets, are born out of necessity, especially in categories where general-purpose malls have limitations in terms of the value proposition and comprehensiveness. They are a consequence of hard consumer need.
The Indian customer is now actively seeking specialty malls. This is because the customer now seeks a distinctive shopping experience that is designed towards a particular category or class of shopping. For instance, in the interior and exterior category, shopping requires both time and a particular kind of ambience and convenience, which defines customer experience. This convenience is not only about experience inside a speciality mall but also about the ability of the mall to aggregate a particular class of brands from a particular retail category which cater to precisely defined needs.
Trend for specialty malls is here to stay. Malls will eventually emerge as strong brands in their own right and malls with strong USPs like those available in a specialty mall will see a lot of success in the years to come.
Why did you zero in on Pune as the location for this mall?
Pune is just three hours' drive from Western India's seven fastest growing cities. Today, it is fast becoming the first choice for MNCs and IT & ITes, BPO and auto-industry related activities. Currently, it is amongst India's top 10 mega-markets and the top 10 cities with the highest per capita income and family wealth. According to an ICICI Bank survey, Pune will be the epicentre of construction activities; the total construction in residential, commercial, retail and leisure projects will touch 650 million sq ft by 2009. The market opportunity is huge – it is Rs 9,000 crore and growing! The city is conveniently connected through a network of rail, road and air. Its proximity to the country's commercial capital also makes it a perfect choice for a project of Ishanya's magnitude.
