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Not witnessing decline in overall consumption, says Phoenix Mills

Updated : September 05, 2019 09:05 PM IST

Mumbai-based retail developer Phoenix Mills Ltd on Thursday said it's not witnessing any decline in overall consumption as slowdown concerns continue to plague sectors and companies.

In an interview to CNBC-TV18, Shishir Shrivastava, joint managing director, said, "We do not focus on footfalls. Our focus continues to remain on consumption, getting the correct profile of customers to come in, having brands within our malls that are aspirational and meet the expectations of our customers."

"We may have seen a consolidated growth of about 5-7 percent in the last quarter. Now with many stores started trading, we expect consolidated growth over the next couple of years to continue to be in the early to mid-teens for the next three-four years,” he added.

“We remain confident that all our malls, which are under development, will continue to show trading densities in Rs 1,500-1,600 when we commence operations starting this financial year and going on over the next four-five years,” Shrivastava said.

"We are expanding our mall at Lower Parel in Mumbai. It is already an experiential centre and we will continue to enhance that. We believe that with 20 year legacy that we have in this business, we have understood the business and the pulse of our customer. We are going to continue focusing on providing the best experience that we can,” he further mentioned.
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