Partners with Faithlane PC to create India's most focused retail advisory firm
Independent real estate services firm Anarock Property Consultants on Wednesday announced the official launch of Anarock Retail, a new firm dedicated to tapping into India’s $700 billion retail market via its retail consultancy services.
The new firm is the result of a partnership between Anarock and Faithlane Property Consultants, headed by retail realty veteran Anuj Kejriwal who joins as CEO & MD - Anarock Retail.
"Anarock's entry into the retail real estate domain was really only a matter of time," says Anuj Puri, Chairman - Anarock Property Consultants.
"We have a deep market reach in this domain, and the launch of Anarock Retail is aptly-timed. Despite the multitude of firms active in the retail real estate arena, the disconnect between retailers and the spaces they need has never been wider. Many mall owners have been unable to align their products and strategies to the new retail environment. With its team of highly knowledgeable market experts, Anuj Kejriwal's Faithlane had successfully bridged the retail gap. By joining its resources to ANAROCK's highly tech-enabled property consultancy services, we have created the 'perfect match'," he says.
“2017 itself witnessed large-scale mall closures and nearly 5 million sq. ft. of retail space was wiped out. These malls can technically be considered ‘dead’ and the developers are now looking at opportunities to convert the retail spaces into offices, mixed-use, hospitals, etc.“ says Puri.
“In most cases, developers did not invest in strategic research of the tenanting equation, adequate leasing expertise and the right mall management partners. It is, in fact, possible to revive a mall if a professional firm like Anarock reworks the equation at the DNA level. In other cases, the available space can still be turned profitable via focused mixed-use tenanting, ‘reverse modeling’ or a complete revamp of the business model,” he says.Prior to launching Faithlane in and its subsequent absorption into Anarock Group, Anuj Kejriwal was National Director for Retail Services at a prominent IPC.