Allís not well with retail, 42% mall space vacant
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With majority of malls in the city reporting vacant spaces, industry watchers are predicting a slowdown in the retail industry and a revamp in the way it functions in Pune.
The gradual closure of nine outlets of Spencers in the city has signalled that all is not well with the buergeoning retail industry. Official spokesperson of Spencers Retail Ltd said, "The closure was in tune with the strategy to accelerate profitability." The spokesperson said as per the new strategy of the company, they will be acquiring hypermarket in the country and look for same in Pune.
The recent reports of the Associated Chambers of Commerce and Industry (Assocham) stated that around 42 per cent of the mall spaces in Pune are vacant.
Speaking about the retail scenario, Pradeep Marathe, chief managing director of the clothing retail chain Cotton King, said the retail market needs to rethink about their business process and methods. "Customers in Pune are particularly interested to see if they are getting their value for money. In the malls and other retail chains customers are often left with the feeling that they are not getting value for money, which is keeping them away," he said.
Similar thoughts were expressed by member of CREDAI Sanjay Deshpande. "Only those retails chains that understand the pulse of people will survive," he said.
Anant Sardeshmukh, director general of the Mahratta Chambers of Commerce Agriculture and Industries (MCCIA), told Newsline that the retail industry in Pune is in its nascent stage. "Although front office infrastructure is in place, distribution and sourcing chains have to be made ready. Until that happens, the industry would not be able to sustain itself," he said.
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