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The Phoenix Mills Ltd. opens doors of its grand palatial shopping mall, Phoenix Palassio, in Lucknow

Posted On: 2020-07-08 09:04:54


As the gradual unlocking of India takes place, Lucknow will now have a new destination - Phoenix Palassio.

Spread across 13.53 acres and a built-up area of 1 million sq. ft, the mall has been used as an expansive canvas for the grandest architecture ever seen in shopping malls. Standing out distinctly on Shaheed Path expressway as a visual delight, the mall's linear colonnade fašade captures the eye. The mall is flanked by three grand entrances (in the North, South, and West) and a 200-feet tall musical fountain that introduces its visitors to its magnificence before they walk through its grand rotunda entrances. Phoenix Palassio's eclectic fusion of classic architecture with European and Awadhi influence pays homage to the city's rich cultural legacy and modern spirit.

Ensconced in high-arched ceilings and embellishing every inch of the mall's premise are 100 unique art chandeliersto dazzle patrons. Lighting, artwork, and sculptures at every corner come together to provide a sense of discovery as mall visitors continue their journey through Phoenix Palassio's tribute to Lucknow's artistic legacy. With a well thought out horticulture program, the landscaped exteriors complete the grandeur that this mall brings to the city of Lucknow.

More significantly, being launched in the COVID-19 phase, Phoenix Palassio prioritizes the well-being and safety of its shoppers - many of whom will be making their first trip to a mall since the first lockdown. The mall has implemented best global practices in its operating procedures to provide shoppers with an enhanced luxurious experience in a safe and stress-free environment. Phoenix Palassio has made significant investments in COVID-proofing every touchpoint. These include minimal contact services, floor markers to ensure social distancing, UV screening of bags, pre-sanitised shopping trolleys, hand sanitisers placed at multiple locations for easy access, and contactless payments at retail outlets and car parking. These have been implemented for customers, retail partners and employees, ensuring a safe retail experience for all.

Mr. Atul Ruia, Non-Executive Chairman, The Phoenix Mills Limited, said, "Phoenix Palassio is the first mall to become operational of the five that we are developing as a part of our ongoing expansion of over 5 million sq. ft. across Lucknow, Pune, Bengaluru, Indore and Ahmedabad. This expansion will see us double our mall portfolio by FY24. We are confident that as the nation unlocks, rigorous compliance to government guidelines and global best practices in retail will set the tone for the sector's revival. Phoenix Mills is focused on ensuring the safety of its patrons by setting new benchmarks in mall management and we put our best foot forward towards a new normal as we announce the opening of Phoenix Palassio in Lucknow today. The opening of Phoenix Palassio in the current environment is testament to our commitment to continue to serve and provide livelihoods, through our malls, to the communities that we operate in."

Speaking on the development, Ms. Rashmi Sen, Chief Operations Officer - Malls, The Phoenix Mills, said, "Our vision is to offer customers an unprecedented experience in all our properties, one that combines never-seen-before grandeur and luxury with international safety protocols. We are humbled and touched that our partners have expressed confidence in us in the current business climate as we open doors of close to 150 brands at Phoenix Palassio in the opening month."

Speaking on the notable brands that have partnered with Phoenix Palassio, she added, "We are happy to share that the mall is fully leased. Several renowned international and national brands have partnered with us, including some who will showcase their products in Lucknow for the first time. Phoenix Palassio will be introducing 60 new brands to Lucknow. Brands like H&M, Aldo, Mango, Bath & Body Works, Steve Madden, The Collective, Under Armour, Brooks Brothers, Armani Exchange, Gas, Cover Story, Charles & Keith amongst others will be opening doors in the city of Lucknow for the first time. Starbucks will also make a debut in Lucknow at Phoenix Palassio. Anchor brands like Lifestyle, Westside, Marks & Spencer, Shoppers Stop, Pantaloons, Max and Big Bazaar will make shopping at Phoenix Palassio an experience befitting even the most discerning shopper's palate."

"Having been associated with Lucknow for almost a decade via Phoenix United, we have a deep understanding and appreciation of the city's customers. Phoenix United has seen a positive response since its re-opening post the lockdown, signaling that the economy is slowly but surely on the recovery path. Our rigorous emphasis on safety and an unprecedented brand portfolio will make us a destination of the region in no time. The location in upscale Gomati Nagar extension will not only help the Phoenix Palassio garner footfalls from the Lucknow city's shoppers, but also attract consumers from nearby cities and towns such as Kanpur, Barabanki, Rae Bareli, Faizabad and Varanasi, who are keen to shop for premium and luxury brands and have elevated experiences." added Mr. Sanjeev Sarin, Centre Director - Phoenix Palassio.

Shares of The Phoenix Mills Ltd was last trading in BSE at Rs.584.15 as compared to the previous close of Rs. 586.1. The total number of shares traded during the day was 5300 in over 714 trades.

The stock hit an intraday high of Rs. 592.3 and intraday low of 581. The net turnover during the day was Rs. 3110322.


Source: Equity Bulls

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