Post lockdown, Phoenix launches Rs 1,000-cr shopping mall in Lucknow

Spread over an area of 13.5 acres, Phoenix Palassio has a built-up area of a million sq ft and will house 300 stores

Signaling a steady revival of the retail segment amid covid-19 pandemic, Phoenix Mills Limited today launched India’s first shopping mall post lockdown period in Lucknow.

Spread over an area of 13.5 acres, Phoenix Palassio has a built-up area of a million sq ft and is located adjacent to the Bharat Ratna Shri Atal Bihari Vajpayee Ekana International Cricket Stadium.

The project entailed an investment of nearly Rs 1,000 crore, including the land cost, according to unit director Sanjeev Sarin.

“The shopping mall comprises more than 300 stores, of which 100 stores have already opened, while 100 stores are expected to be launched by August 15,” he said here adding the remaining stores will also be launched soon thereafter.

He said the mall comprised a fairly large presence of marquee foreign brands, totalling 20 per cent of total stores.

With the opening of Phoenix Palassio, the company now operates two malls in Lucknow and another one in Bareilly, he informed adding the fresh project will provide fresh jobs to nearly 4,500 people and boost the retail space in the region.

In 2018, Phoenix Mills’ subsidiary Destiny Hospitality Services (DHSPL) had acquired this property for Rs 453 crore in an e-auction conducted by the Lucknow Development Authority (LDA). The company had emerged as the highest bidder for this under-construction retail development in the state capital in the posh Gomti Nagar area overlooking the Stadium project.

“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,” Phoenix Mills non executive chairman Atul Ruia said in a press statement.

Phoenix is India’s leading retail mall developer and operator, and is regarded as the pioneer of retail-led, mixed-use developments in the country with completed development of over 19 million sq ft spread across retail, hospitality, commercial and residential asset classes.