Phoenix Palassio To Build a Mall in Lucknow with Investment of Rs 1000 Crore
"Phoenix Palassi is the first mall to become operational of the five that we are developing as a part of our ongoing expansion of over five million square feet across Lucknow, Pune, Bengaluru, Indore and Ahmedabad," said Atul Ruia, Non-Executive Chairman of Phoenix Mills Ltd.
Phoenix Palassio, one of the biggest malls in the country, has been launched in Lucknow at a budget of Rs 1,000 crore.
The announcement signals a probable retail recovery in tier-2 markets where the Covid-19 cases are lower than those in tier-1 markets.
The launch during Covid-19 comes amid India’s staggered unlocking, a process that started in June.
“Phoenix Palassi is the first mall to become operational of the five that we are developing as a part of our ongoing expansion of over five million square feet across Lucknow, Pune, Bengaluru, Indore and Ahmedabad,” said Atul Ruia, Non-Executive Chairman of Phoenix Mills Ltd.
“The expansion will see us double our mall portfolio by financial year 2023-24. We are confident that as the nation unlocks, rigorous compliance to government guidelines and global best practices in retail will set the tone for the sector’s revival,” he said in a statement.
Ruia said the company is focused on ensuring safety of its patrons by setting new benchmarks in mall management. “The opening of Phoenix Palassio in the current environment is testament to our commitment to continue to serve and provide livelihoods to the communities that we operate in.”
He said the mall has made significant investments in Covid-proofing every touchpoint. These include minimal contact services, floor markers to ensure social distancing, UV screening of bags, pre-sanitised shopping trolleys, hand sanitisers placed at multiple locations for easy access, and contactless payments at retail outlets and car parking.
These have been implemented for customers, retail partners and employees, ensuring a safe retail experience for all, said Ruia.
Sanjeev Sarin, Centre Director at Phoenix Palassio, said the location in upscale Gomati Nagar Extension will not only help the Phoenix Palassio garner footfalls from the Lucknow city’s shoppers, but also attract consumers from nearby cities and towns like Kanpur, Barabanki, Rae Bareli, Faizabad and Varanasi.