Amazon likely to make its presence in Inorbit mall’s prime commercial space
Amazon, one of the leading e-commerce marketplaces might get to acquire the prime commercial space in Inorbit mall of Pune, which has been vacated by nearly all the brands it had, as per the source.
Amazon has not confirmed the news neither has it denied about the development but it is heard that the space is believed to be used for expanding its IT and customer service operations.
All the existing brands in the mall, barring three have already either relocated or shut down their operations. Report says that of the three, which are still operating is Shoppers Stop and Hypercity comes under in-house brands of K Raheja Corp, the entity that owns Inorbit. They will also move out within a month. The third one, apparel store Max, will relocate by the end of next week. The four-screen multiplex, PVR Cinemas, and the food court on the third floor will continue operations for now.
Rajneesh Mahajan, Executive Director, Inorbit Malls, said, "The city has witnessed an oversupply of retail real estate space in one micro-catchment (eastern corridor) wherein 74% out of the current 7 million retail real estate space of the city is located. This has resulted in an oversupply leading to a division in consumption and hence making stores unviable. Also there is no transaction with them (Amazon) for the mall building," he claimed.
On the other hand an Amazon India spokesperson clearly said that the company does not comment on what it may or may not do in the future.
In a report, a senior analyst with a leading real estate firm said, "Inorbit will soon be converted into commercial office space. Amazon might be evaluating this option like few other clients. However, as per market information, they have not yet signed anything with Inorbit."