The Indian Mall craze has spread to UK Developers as well. West Pioneer Properties, a UK based mall Developer is developing a 750,000 sft shopping mall at Kalyan. Big Bazaar has already booked its slot in this space and the first phase of 500,000 sft will open for business soon.
The company plans to invest Rs 3,000 crore and develop 10 malls within the next 3 years. West Pioneer malls will be branded as Metro Junction malls and will come up mainly in Tier-II cities in India.
Mr. Jayant, CEO said,
We aim to make shopping in malls affordable to shoppers in tier-II cities. The primary focus is the value-for-money segment and a majority of the space will be leased out to mass market brands.
The next Metro Junction malls will come up in Nashik and Aurangabad. It is scouting for land in Surat, Goa and Nagpur. The company will undertake the land acquisition while the cost of development will be financed by private equity and other sources.