In 1999,
Peninsula introduced the concept of 'shoppertainment' with Crossroads. A concept
that made shopping an entertaining experience, it was the first of its kind, brought
along with the first international standard shopping mall in India. It went on
to transform the shopping experience and was the first to provide organized retail
space to retailers.
The Concept
Retailing was an unorganized
sector at the time, comprising only single product retail outlets. The concept
of shopping, entertainment and dining under one roof was unheard of. And while
the purchasing power of the upper middle class and the affluent was steadily increasing,
they had few avenues for purchase of good quality international branded products.
International brands too were getting increasingly conscious for the need of good
quality retail space and for opportunities to establish themselves here.
Realizing
the possibilities and recognizing opportunities, Peninsula decided to create and
launch Crossroads. However, the project was not without its challenges. On the
strategy front, a mall of international standards had no predecessor in the country
and therefore no valuable learnings to lean on. On the construction front, the
challenge lay in refurbishing and converting existing structures. The three existing
buildings were then refurbished and an international experience was created with
the services of international architects and consultants.
The Creation
Located in Haji Ali, Mumbai, the world class mall now showcases some of
the most sought after international brands and offers a range of dining and entertainment
options. More than six years since its launch, it continues to command one of
the highest lease rentals in India. Its anchor tenant include Piramyd Megastore.
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