Matter of Prestige: Indian realty behemoth bets on entertainment boom over shirts and skirts
Prestige Estates Projects Ltd
., which ranks among India's top five real estate developers by market value, is looking to sell more entertainment and dining spaces in malls while cutting back on apparel retailers, a top official said.
'Shopping can be done from anywhere once you know the brand, entertainment cannot be bought online,' Muhammed Ali, chief executive officer-retail of the Singapore government-backed firm said over phone.
The developer, which counts Blackrock Inc. and Vanguard Inc. as its investors, plans to allocate 40% space in malls to entertainment and restaurants, twice of what its older properties offer. At the same time, retail space will be cut from as much as 85% to 60%, Ali added.
Play Video
Pause
Skip Backward
Skip Forward
Unmute
Current Time
0:00
/
Duration
0:00
Loaded
:
0%
0:00
Stream Type
LIVE
Seek to live, currently behind live
LIVE
Remaining Time
-
0:00
1x
Playback Rate
Chapters
Chapters
Descriptions
descriptions off
, selected
Captions
captions settings
, opens captions settings dialog
captions off
, selected
Audio Track
default
, selected
Picture-in-Picture
Fullscreen
This is a modal window.
Beginning of dialog window. Escape will cancel and close the window.
Text
Color
White
Black
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Opaque
Semi-Transparent
Text Background
Color
Black
White
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Opaque
Semi-Transparent
Transparent
Caption Area Background
Color
Black
White
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Transparent
Semi-Transparent
Opaque
Font Size
50%
75%
100%
125%
150%
175%
200%
300%
400%
Text Edge Style
None
Raised
Depressed
Uniform
Drop shadow
Font Family
Proportional Sans-Serif
Monospace Sans-Serif
Proportional Serif
Monospace Serif
Casual
Script
Small Caps
Reset
restore all settings to the default values
Done
Close Modal Dialog
End of dialog window.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Kulkas yang belum Terjual dengan Harga Termurah (Lihat harga)
provokepulse.com/id
Cari Sekarang
His strategy mirrors the rapid transformation in India's consumer landscape driven by a combination of rising income levels, aspirations and demographics.
It also comes as e-commerce is challenging traditional retail, and malls are trying to reposition themselves as experience-driven destinations with shopping, leisure and lifestyle thrown in the mix.
Live Events
You Might Also Like:
India's retail has a spring in its step: High-end shopping malls
India's top cinema chain
PVR Inox
Ltd. is betting on a slew of big-ticket Bollywood and Hollywood releases to bring back audiences while consultancy firm Mordor Intelligence notes that
quick service restaurants
are seeing a steady rise in average order value and increasingly establishing themselves in retail spaces to capture a broader customer base.
Prestige
plans to grow its presence to 15 malls spanning 10 million square feet in cities such as Bangalore, Mumbai, Hyderabad, and Goa by 2030. It operates four malls at present.
Prestige is expanding the scope of entertainment to include physical activities that engage people of all ages and help them 'burn a few hundred calories.'
Prestige shares have fallen 11% over the last year, nearly twice the decline in the NSE Realty index. The company's profit for the year ended March 31 was down 62% on year to 6.16 billion rupees ($72.1 million), the lowest in five years.
You Might Also Like:
Multiple shopping malls to open by 2026 in 7 cities with 16.6mn sq ft space: Anarock
Analysts at JM Financial said in a note on Monday that they expect growth in residential sales to moderate after surging in the last two to three years. That makes it imperative for Prestige and other developers to diversify their revenue stream.
'These are the things that online cannot compete with us, where senses are involved, where you need to physically be there,' said Ali, referring to entertainment and dining.
The company is also focused on live performances. The new mall structure is expected to generate around 12.50 billion rupees in rentals annually by 2030, Ali said. That is a sixfold jump from a little over two billion rupees the company made in rentals in the financial year through March 2025.
'We are challenging the status quo. These malls are going to be very exciting platforms,' said Ali.
You Might Also Like:
What's in store for Reliance Retail, Arvind Fashions, V-Mart & top retailers? Aggressive expansion
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
20 minutes ago
- Time of India
Ola Electric shares slide 6% to all-time low after fresh block deal
Shares of Ola Electric Mobility dropped 6% on Monday to an all-time low of Rs 43.20 on the BSE, after 0.8% of the company's equity changed hands in block deals. The identities of the buyers and sellers were not immediately known. Earlier this month, a block deal worth Rs 731 crore saw 14.22 crore shares—representing 3.23% equity—change hands at an average price of Rs 51.40. Hyundai Motor Company was the reported seller in that transaction. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy Brass Idols - Handmade Brass Statues for Home & Gifting Luxeartisanship Buy Now Undo Also Read: Why stock market is falling today? Key factors behind 900-point Sensex crash, Nifty below 24,850 Weak Q4 performance The stock's recent decline follows a weak March quarter earnings report. Ola Electric posted a net loss of Rs 870 crore in Q4 FY25, more than doubling from Rs 416 crore in the same quarter last year. Revenue from operations slumped 62% YoY to Rs 611 crore as vehicle deliveries fell to 51,375 units from 1.15 lakh a year ago. Live Events Also Read: Is the grey market premium misleading? Decoding the valuation gap in HDB Financial's IPO Auto EBITDA margin plunged to -78.6% from -9.3% in Q4 FY24, while consolidated EBITDA margin dropped to -101.4%, impacted by high provisioning and weak operating leverage. However, gross margin improved slightly to 19.2%, supported by better monetisation and a higher share of Gen-3 platform vehicles, which offer 20% more power and range at 11% lower cost than Gen-2 models. For FY25, the company delivered 3.59 lakh vehicles, up from 3.29 lakh in FY24. Full-year adjusted revenue stood at Rs 4,665 crore, with a consolidated EBITDA margin of -34.6%. Also Read: 11 Nifty mid & smallcap stocks that can rally 40-90% over the next 12 months Stock performance and price target Ola Electric's shares have fallen over 43% from their IPO price of Rs 76. The company debuted on August 9, 2024, listing at Rs 91.20 per share. The stock is now down 49% year-to-date and has fallen 72% from its 52-week high of Rs 157.50. According to Trendlyne, the average analyst target for Ola Electric is Rs 59, implying a potential upside of nearly 35%. Among the seven analysts tracking the stock, the consensus rating is 'Hold'. Ola Electric, known for its electric scooters, has faced criticism over customer service and repair issues, which have also attracted regulatory scrutiny. Despite ongoing expansion plans in the EV ecosystem, these challenges continue to weigh on investor sentiment. The company's current market capitalisation stands at Rs 19,407 crore. Also Read: $2.4 trillion worth of gold! India's household hoard is 6x Pakistan's economy ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Time of India
32 minutes ago
- Time of India
India's business activity surges in June on strong demand, record export orders, PMI shows
India's private sector activity accelerated sharply in June as companies ramped up production to meet surging domestic and international demand, according to a survey released on Monday that showed record export growth and robust hiring. The HSBC Flash India Composite Purchasing Managers' Index (PMI), compiled by S&P Global, jumped to a 14-month high of 61.0 this month from 59.3 in May, exceeding a Reuters poll forecast for a modest lift to 59.4. The 50-mark separates growth from contraction and the latest data showed nearly four years of sustained expansion. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Dieser einfache Trick kann den Gang verbessern Gesundheitsaktuell Mehr erfahren Undo Services gained momentum with the activity index rising to 60.7 from May's 58.8 - the strongest since August last year - while manufacturing gained pace thanks to robust output. Its PMI climbed to 58.4 in June from 57.6. "New export orders continued to fuel private sector business activity, especially in manufacturing," noted Pranjul Bhandari, chief India economist at HSBC. Live Events This expansion was driven by favorable demand as composite new orders grew at the fastest pace in 11 months. Goods producers experienced a more pronounced upturn than services firms. International sales saw a remarkable rise, with overall new export business at the highest since the data started to be collected in September 2014. However, service providers recorded slower growth in export business compared to last month. "The combination of robust global demand and rising backlogs prompted manufacturers to increase hiring," added Bhandari. Manufacturing employment growth reached a peak not seen since the series began over two decades ago. Service providers also continued adding jobs at a solid pace, albeit slower than in May. Meanwhile, overall price pressures eased slightly with input cost inflation softening to a 10-month low, allowing firms to limit price hikes to remain competitive. That resulted in a slower rate of output price rises from May's six-month high. That comes after data showed inflation eased to an over 6-year low in May, allowing the Reserve Bank of India to focus on supporting economic growth and cutting interest rates amid rising uncertainty from U.S. trade tariffs. Despite positive private sector performance, business confidence dipped to its lowest in just over two years. Manufacturers expressed slightly improved optimism while service providers tempered their expectations for the coming year.
Time of India
an hour ago
- Time of India
Brewing success: Karnataka coffee shipment value soars over 60%; exporters better equipped now to tap markets, says FKCCI chief
BENGALURU: Karnataka's coffee exports have brewed up an exceptional year, soaring over 60% in 2024-25 to reach over $1.1 billion, riding on multi-year-high record prices. The surge in export value, up from $713.7 million the previous fiscal, underlines the state's continued dominance as India's premier coffee-producing state and its growing relevance in global markets. The strong export performance has come as a shot in the arm for thousands of coffee growers in the Western Ghats region, many of whom depend on global demand. The value of Karnataka's total merchandise exports climbed 14.46% to nearly $30.5 billion in 2024-25, with engineering goods maintaining their position as the state's largest export earner. According to Bose Mandanna N, former vice-chairman of Coffee Board of India, the surge was driven by production setbacks in Brazil, Vietnam and rising international demand. Exporters better equipped now to tap markets, says FKCCI chief Brazil and Vietnam are among world's biggest coffee exporters. "We've capitalised on that demand," he said, noting that India's low domestic consumption makes exports essential. Engineering exports surged 43.2% to reach more than $12 billion, up from $8.4 billion in the previous year. This performance reflects Karnataka's growing manufacturing capabilities and its emergence as a key industrial hub for sectors ranging from aerospace to automotive components. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo Other standout performers included spices, which saw exports jump 31.4% to $173.5 million, and chemicals and allied products, which grew 17.4% to $176.8 million. Plastic goods exports also demonstrated strong momentum with a 16.25% increase to $283.92 million. FKCCI president Balakrishna MG, said that exporters are "now more informed" and better equipped to tap specific markets. "To our surprise, coffee exports have gone up significantly," he noted, adding that a recent visit by an Omani delegation signalled new market interest. The pharmaceutical and cosmetics sector, a traditional strength for Karnataka, recorded steady growth of 8.8% to reach $2.8 billion in exports. However, not all sectors experienced growth. Petroleum exports declined 3.3% to $5.5 billion, whilst the automobile sector saw a 5.7% drop to $1.1 billion. Agricultural and processed food exports also fell 5.4% to around $1 billion. TV Mohandas Pai, chairman, Aavin Capital Funds, emphasised the need for targeted infrastructure investment to sustain and scale export growth. "We can grow agricultural exports significantly but we need better storage, reliable transport, and proper grading and marketing support." While Karnataka's merchandise exports showed robust growth, the state's performance varied compared to other major exporting states. Tamil Nadu led with 19.5% growth, whilst traditional export powerhouses Gujarat and Maharashtra saw declines of 13.4% and 2%, respectively. Despite fluctuations in some commodities like cashew and silk, Pai said the overall outlook remains positive. "Coffee is doing very well - not necessarily due to volume, but because prices have shot up due to a global shortage."
