Pacific Group to double its retail space to 4 mn sq.ft. by 2026, ET Retail

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Pacific Group, which currently runs 6 centres – one in Ghaziabad, four in Delhi and one in Dehradun – is planning to double its retail space from 2 million sq.ft. to 4 million sq.ft. by 2026, Abhishek Bansal, ED, Pacific Group.

The group, which has been growing 10-15 per cent year-on-year, is opening one mall in Faridabad this month and another mall in Dehradun by the mid of next year.

“We are betting big on physical retail as we believe that retail stores are here to stay. In the last 3 years, the consumption has increased. So encashing upon this opportunity, we are looking at acquiring more new projects by next year. We haven’t finalized the property yet, however, we are always on the lookout and if we find something interesting, we will build a new centre over there,” Bansal stated.

The group has invested Rs 100-120 crore to open the Mall of Faridabad, which spans across 4 lakh sq.ft. area, and is expecting the ROI over the next 10 years.

“As we have worked in cities like Ghaziabad and Dehradun, we understand the potential of smaller cities with a population of 20-30 lakh. So, we knew that it holds much potential,” he stated.

The Mall of Faridabad houses 87 stores and a 400-seater food court, along with a 1,100-seater PVR with 6 screens.

Entertainment occupies 15 per cent of the space in the Mall of Faridabad, F&B occupies 20 per cent and the rest 65 per cent is dedicated to retail.

“We are expecting a turnover of Rs 25-30 crore per month from the Mall of Faridabad,” he said.

The centre is Dehradun, which is under construction, spans across 7 lakh sq.ft. area and also houses a 100-room hotel.

“This will be our second centre in Dehradun. We already have one in Rajpura with about 2 lakh sq.ft. area. We are investing Rs 150-160 crore to open this centre,” he said.

Ghaziabad centre is the oldest mall by the Pacific Group where it sold all the stores, and the centre in Tagore Garden, Delhi, which has been built for 11-12 years, has observed a growth of 10-12 per cent over the previous year.

At present, Pacific Tagore Garden accounts for 30 per cent of the profit of the group.