India’s first super luxury mall is ready to open in Bangalore. CNBC-TV18’s Faye D’Souza and Ramya Ramamurthy get a sneak peek. UB City is the first of its kind super luxury mall in the country. It is preparing to put lots of brands forward to the brand lovers in Bangalore. Louis Vuitton store, Gucci, Dunhill, Ferragamo, Jean-Paul Gaultier, Moschino and Stella MacCartney brand names are the attraction point of this mall. This mall will be opening for customers on April 01, 2008. Property price has got a new peak in the city due to the mall.
Neeraj Duggal, VP – Retail Development, Prestige Group said, “I think the kind of development we are offering, the king of mix, the kind of positioning. With the inputs and investment that has gone into it, I don’t think it will be unreasonable.” This mall has 125 thousand square feet space and probably 15 thousand square feet is still up for capture. Many takers are trying for grabbing space there, without worrying much about the high price.
“The best international brands are all that we are looking at. It is not only certain people, certain brands; it’s also what fits into the positioning that we are looking at” Duggal said. India’s luxury market is on the way of becoming top five markets in the world. It has been estimated at USD 1.4 billion. India’s luxury market is expected to grow at 15% to 20% a year.