Downturn or not,shopaholics undeterred

Downturn or not,shopaholics undeterred

Economic downturn seems to have had little effect on the Pune consumer’s purse strings.

The economic downturn may have laid many an industry low,but it seems to have had little effect on the Pune consumer’s purse strings. The city is abuzz with shops and malls offering monsoon sales and attractive discounts and figures show that Puneites are out shopping with the same gusto as ever.

After a slight dip in February and March,Phoenix Marketcity,one of the most popular malls on Nagar Road,has recorded an average revenue growth of 25 per cent every month from April onwards. On an average,the mall receives 20,000 footfalls on a week days and 60,000 on weekends. “We have been hearing a lot about the retail sector being affected but it’s not showing,at least not at Phoenix. In fact,we are expecting a further growth in footfalls with two new add-ons – a nine-screen PVR and Blue,the snow world,” said Rajiv Malla,centre director,Phoenix Marketcity.

Even the monsoon sale,he said,surpassed their expectations and received extremely good response from the shopaholics. He said all the major luxury brands at the mall like Zara,Diesel,Swarovski,Mango,Marks and Spencers,Steve Madden,Vero Moda and others are doing well despite the lull globally.

Even at Amanora Town Center,which opened in August 2011,there has been a steady growth in terms of revenue as well as footfall. From April to July,the mall has witnessed a growth of around 85 per cent in revenue as well as footfalls. “Even this year’s monsoon offers have received a great response,” said Tushar Mehta,president,marketing and leasing,Amanora Town Center.


However,commenting on the future,Mehta said mall management will be a challenge that requires an innovative approach in terms of events and offers. “We will be looking at rationalising the cost without compromising on customer experience and mall safety,” said Mehta.

According to Ajoy Krishnamurthy,CEO,Ishanya,though there are talks in the market about consumers being cautious while spending,it doesn’t reflect in the footfalls at Ishanya. “The numbers are healthy and have remained rock-steady. The figures haven’t grown or dropped. We chiefly offer home goods and fortunately,the response to this year’s monsoon sale has been as good as it was last year,” he adds.

“The economic slowdown does not make much of a difference. When I like something,I buy it without thinking about factors like the slowdown. However,I eagerly wait for the sales and discount offers,so I can cause less damage to my wallet. It is useless to crib about the rising prices or fall of the rupee,” says Akshata Agarwal,a homemaker and a shopaholic.