NAVI MUMBAI: The city’s oldest mall, Centre One, which had shut shop at Vashi in March 2015, is set to reopen again this Diwali following a major business deal with the retail giant, Future Group.
At present, there is hectic work in progress inside the premises of the mall, which has undergone heavy revamp and is now leased out to Future Group that will market its leading brands.
TOI contacted the CEO of Future Group, Kishore Biyani, who said, “We will be opening the mall around October 10. I don’t want to comment anything besides that at present.”
Already, the Central store has vacated from Raghuleela mall, opposite Vashi railway station, since their business will now be shifting to Centre One soon. With the prospect of three big malls (Raghuleela, Inorbit, Centre One) operating in close proximity at Vashi, retailers as well as realty watchers found it to be an “interesting development”.
“Two-and-half years back when curtains fell on Navi Mumbai’s pioneer mall, Centre One, it was reportedly due to over competitive malls in Vashi area. There were also talks of restructuring the mall as either an office complex or a mall-cum-multiplex; but these ideas did not work out. Sources have stated that the mall has been leased out to Future Group for a period of nine years. They will now be in charge of the mall and marketing their various in-house brands from here,” said Navi Mumbai based commercial real estate consultant, Pratik Shroff.
“Considering the successful streak of Future Group in the past several years, I feel that they can once again turn the fortunes of the Centre. This will also be a positive boost of the local realty and retail economy,” said Shroff.
Citizens have also reacted positively to this development. “In 2003 when Centre One mall had started at Vashi, people used to flock from as far as Panvel and beyond just to have a glimpse . It used to be a great hanging-out zone from people, besides shopping. Let’s hope that it does well again,” ‘ said a local resident, Vilas K.
Over 400 million footfalls are reportedly recorded at Future Group stores every year in over 244 cities and towns across the country.
Credit : TOI