City based speciality mall Ishanya, promoted by Deepak Fertilizers and Petrochemicals Corporation (DFPCL) is planning a strategic turnaround in the next one year. However, there will be no direct investments by the promoter, 30 per cent of the space will be allocated for food and beverage, and entertainment sector.
“Refresh for Ishanya is happening now. By the end of fiscal 2015, we expect to lease out a total of nearly 200,000 sq ft of space, around 70,000 sq ft of space will be allocated for F&B and entertainment. The company is now eyeing to expand the space for Furniture, H&I, food and beverages and entertainment. In the next one year, Ishanya will utilise the entire space on leave & licence basis,” said Mahesh M, Chief Executive Officer (CEO), Ishanya.
“The largest contributor will be furniture category with 40 per cent followed by F&B 18 per cent, entertainment 11 per cent, kitchen & decor 15 per cent and others will contribute 15 per cent,” added Mahesh.
According to Mahesh, in the current fiscal and FY16, occupation levels are expected to touch 56 per cent and 77 per cent, respectively.
It has a total area of 600,000 square feet for retail space and 140,000 sq feet for home and interiors.
Last month, Mumbai-based mega music, food and beverage brand blue Frog leased nearly 10,000 sq ft of space in Ishanya, while another 20,000 sq ft of food outlets are being curated for the Pub Town arcade by a Pune firm. Blue Frog has invested Rs 8 crore for this.
Home Souk which caters to impulse shopping will be adding another 20,000 sq ft area at Ishanya in FY16.
In the last seven years since the inception of the mall, the company has made investments of Rs 260 crore for the mall but has not yet managed to become a commercial success.