MUMBAI : The Phoenix Mills Ltd has seen average daily consumption at its shopping malls recover to 50% of last year’s levels with “serious" shoppers returning and spending more per visit now than they did before the covid-19 outbreak, said a senior company executive.
Since June, when malls were allowed to reopen in certain parts of the country and, more recently in Maharashtra, all Phoenix malls, barring one in Chennai, are now operational.
“We have seen a fantastic rebound in consumption. The same-store sales for August is at 50% of last year, after taking out the non-permissible activities such as food and beverages. Consumption has grown 18-19% in August third week, over the second week," said Shishir Shrivastava, joint managing director, The Phoenix Mills, adding that he is optimistic about consumption growing at a strong pace over the next 4-5 months on festive season demand, and touching pre-covid-level sales by the end of this fiscal.
The company has also seen an uptick in rental collections. “In Q1 of FY21, rental collection from malls was at ₹40 crore, whereas, between 1 July and the third week of August has gone up to ₹60 crore," he said.
"consumption" - Google News
August 28, 2020 at 07:47AM
https://ift.tt/3b5XX7y
Consumption at 50% of last year’s levels: Phoenix Mills - Livemint
"consumption" - Google News
https://ift.tt/2WkKCBC
https://ift.tt/2YCP29R
Bagikan Berita Ini
0 Response to "Consumption at 50% of last year’s levels: Phoenix Mills - Livemint"
Post a Comment