concept

Magnetos Unique Concepts

In todays competitive world where customer owes no loyalty for a shopping mall, developers need to offer some or the other unique concepts to attract more footfalls. Lets explore the innovative concepts offered by Magneto-The Mall, Rapiur, constructed by Avinash Developers, to ensure higher footfalls and repeat visits. The mall has successfully completed three years of operations and recently added 40,000 sq.ft. premium retail space called Magneto Bellagio into its existing property
By Payal Gulati

Magneto HAAT Magneto-The Mall had launched an interesting concept namely Magneto HAAT back in 2010. The rationale behind launching 5,000 sq.ft. HAAT was to bring in small local retailers and service providers, who are normally unable to afford a shop in malls but are appealing to middle and lower class customers due to lower prices. We conducted a study and identified about 25 categories of products and services ideal for this concept. Further, we also carried out survey and exploration of small and micro retailers in local market to identify potential retailers for the HAAT, and to ensure the required varieties with quality within economical prices, says Priyank Singhania, Director, Avinash Group. The category of retailers include apparel and accessories, imitation jewellery, tattoo, home dcor, bamboo and jute furnishings, optician, beauty products, baggage, handicrafts, artifacts, footwear, among others. We keep reviewing mix from time to time on the basis of sales figures, product mix and quality, and find appropriate replacement if necessary to ensure customer satisfaction, Singhania adds. Through this concept, the mall is able to convert lower income

The mall witnesses a rise of 5 percent in its revenue from Magneto HAAT

groups and students. We have witnessed a rise of up to 5 percent in mall revenue just from HAAT, claims company official. Talking about the challenges, he says: Local retailers are mostly cooperative but lack a proper branding and store management approach. Though we countered the situation by providing a proper branding and aesthetically appealing look to the area,

providing promotional support and training with tools and techniques for store management. We also keep reviewing mix through our dedicated floor managers to ensure availability of requisite variety and quality. The developer started with most of the shops on revenue sharing basis, but looking at the public response towards the format, they gradually converted them into

minimum guarantee or hybrid model around a year ago with mutual consent. Magneto Palika Bazaar The mall also introduced 34,000 sq.ft. Magneto Palika Bazaar in late 2012 for local and regional retailers on theme of Delhis renowned Palika Bazaar. The concept boasts of small shops with vast offering ranging from a needle

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to apparels, high-end electronics, and a variety of services to appeal everyone. Magneto Palika Bazaar is 70 percent booked till date and shall be open to public within next three months, Singhania informs. The mall is targeting all income groups who have interest on products of local and regional retailers. While the Magneto HAAT is targeted towards promotion of small and micro retailers, Palika Bazaar is dedicated to all kinds of local and regional retailers of all sizes and shape. Magneto Mantra of Value Added Services Magneto Mall has also introduced innovative value added services (VASs) for customers and retailers on continuous basis. One of such VASs is Magneto Privilege Card. Although there are few loyalty programmes running across the country in various malls of India, Magneto Privilege Card differentiates itself with an affiliate programme. The card holders are provided benefits in the form of loyalty points on purchase within mall and freebies, discounts, gift vouchers, free and premium services inside the mall as well as across the city. To ensure the same, the mall has tied up with a number of renowned stores, outlets, restaurants, etc. across the city. Singhania informs: The scheme

helped us identify our loyalty base of more than 15,700 customers. Another such idea is Discount Wednesday where Magneto brought together almost all retailers big or small under a single offer scheme. Most of the retailers run special offers in terms of shopping discounts for guests on every Wednesday. Supporting its retailers, the mall also provides multiple free amenities such as free parking to the visitors. The scheme is being run from almost two years with movies at more than 50 percent lower rates in PVR, free drinks for ladies in Ten Downing Street Pub, discounts ranging up to 70 percent in different stores and restaurants. As a result of scheme, mall has been able to pull almost every segment of catchment from city within the mall including those who are not able to or otherwise reluctant to spend within mall during normal days or weekends. This has resulted in higher footfalls and sales as good as weekends. We witness about 30 percent higher sales on Wednesdays as compared to sales of other weekdays during FY 2013, states Singhania. Magneto Guest House Magneto has added another unique service Magneto Guest House in which it provides

The guest house spreads across 5,000 sq.ft. and has total capacity of 11 rooms

accommodation for mall customers, privilege card holders, and corporate guests. The guest house has been setup in view of Magneto Offizo spaces where companies such as NTPC, LG, Jaypee, and ACC are already present. Further, it will also complement Hyatt hotel, to be opened in mall soon. Magneto Guest House is different in terms of being directly integrated to the mall and Magneto Offizo thus enabling corporate guests to use offices as

well as access different services available inside the mall. Launched in August 2012, the guest house spreads across 5,000 sq.ft. and has total capacity of 11 rooms. Talking about the monetary obligation and fee structure Singhania says: First stay is free for our gold card holders. For corporate guests, mall retailers and brands, we have kept concessional and lower prices. Mall customers may also use the guest house service at nominal prices.

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