Mumbai super shopping center comes up short, transformed into workplaces

MUMBAI: Falling footfalls in Bhandup’s Magnet Mall, one of Mumbai’s greatest, has constrained its engineer to close down and patch up the10 lakh sq ft premises into an office-cum-retail unpredictable.

The shopping center business is viewed as dubious on account of high incubation and high venture. Just a couple have succeeded. Property showcase sources said as mama ny as 11 shopping centers close down in the nation in the vicinity of 2010 and 2015.

Magnet Mall, situated on the bustling L B S Marg in Bhandup, is controlled by Mumbai-based designer Neptune Group. It began operations in 2012. Footfalls dropped by half in Magnet Mall, which began in 2012, on account of web based shopping and further exacerbated after Easy Day , an expansive hyper showcase possessing 60,000 sq ft on the premises, shut. “Retailers were draining a direct result of web based business, so we took a cognizant choice to update the whole space for workplaces and some retail,” said Neptune Group CMD Nayan Bheda.

The engineer, who will pump in Rs 100 crore to repair the premises after it was closed down a year ago, said a large portion of the zone will be currently cut into little workplaces and sold. The rest of the space will be sold to customers searching for bigger workplaces while a segment will be held for retail. “We have arranged little boutique workplaces,” said Bheda, who will dispatch the new venture not long from now.

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