To appeal to millennials, DLF has invested Rs 100 crore on revamping a mall spread across 5.2 lakh sq ft located in South Delhi and has dedicated 28% of the total area to food and beverages, Pushpa Bector, Executive Director, DLF Shopping Malls, told Moneycontrol.
"We believe that the money spent is in right direction because the consumer will get a new-age destination catering to their latest requirements," she said.
Co-working spaces and new international brands have also being introduced to cater to the changing expectations of the youngsters, she said of DLF Place, a popular premium shopping mall at Saket, now relaunched as DLF Avenue.
"Our shoppers are mostly under 35. We want our malls to appeal to millennial shoppers. Interestingly, as many as 40 percent of footfalls in our malls are those of millennials," she said.
The mall has now been revamped to accommodate more eating outlets, stores and shared office spaces, millennial-oriented brands such as Under Armour, Go Sports, Superkicks, Nykaa Luxe and more. The all new DLF Avenue will see the presence of new marquee brands, such as Uniqlo and Marks & Spencer opening their flagship stores along with many others.
"We have repositioned the property for millennials – young and contemporary. While we have retained around 20-25% brands that were best sellers earlier, we have got in a flagship Uniqlo store. We will have 28% of the space dedicated to food and beverage. This is up from the earlier 12%. We have created a new precinct called The Commons, which will be the perhaps the only curated food and beverage district in Delhi. There will also be global cuisine from Singapore, Europe and Indonesian. The F&B precinct would be unveiled in the next two to three months. New coffee brands would also be launched,” she said.
Monthly rentals in the 5.2 lakh sq ft mall have almost doubled from the earlier rate, she claimed, adding the mall has been 99 percent leased out.
"Shared offices would form 8 percent of the total area," she added.
Asked if the firm plans to revamp other retail properties, Bector said that this was the only one that needed a revamp as this being the oldest and first in the DLF Shopping Malls portfolio.