Anarock partners with Faithlane to launch Anarock Retail vertical
Furthering its expansion into a broad range of service offerings, Anarock Property Consultants has now launched an Anarock Retail vertical, to delve into the retail real estate space. The new arm is powered by a partnership of Anarock and fellow real estate consultancy Faithlane Property Consultants.
2018 has been a year of aggressive growth for Anarock. Since its establishment last year, the firm has grown to employ over 1,300 professionals, operating across India’s largest cities. Since the start of this year itself, the firm’s growth strategy has appeared to be horizontal in character, with forays into a number of domains.
The firm has already launched two new divisions this year, starting with a Channel Partners arm to help establish its network in India and internationally, followed by a merger with ANB Capital to form Anarock Capital – an investment advisory firm.
In May, Anarock made its way into the lucrative hospitality real estate market in India, through a partnership with international hospitality consultancy HVS. Now, its scope has expanded to incorporate the rapidly growing retail real estate sector in India, which is expected to hit 100 million square feet in the near future.
The move was made possible through a partnership with Faithlane Property Consultants – a small-scale real estate consultancy based in Mumbai. The new vertical will go by the name of Anarock Retail, and will be led by Anuj Kejriwal, who founded Faithlane and has a wealth of experience in the real estate consulting space.
Commenting on the launch, Anuj Puri, Chairman at Anarock said, “Anarock's entry into the retail real estate domain was really only a matter of time, We have a deep market reach in this domain, and the launch of Anarock Retail is aptly-timed. Despite the multitude of firms active in the retail real estate arena, the disconnect between retailers and the spaces they need has never been wider. Many mall owners have been unable to align their products and strategies to the new retail environment. With its team of highly knowledgeable market experts, Anuj Kejriwal's Faithlane had successfully bridged the retail gap. By joining its resources to ANAROCK's highly tech-enabled property consultancy services, we have created the perfect match.”
According to Puri, the new vertical will address the high vacancy rates and high rates of closure in the country, as he cites the 5 million square feet of retail space that was “wiped out” in 2017. Most developers hope to convert this vacant space into commercial real estate of some sort, which is where Anarock Retail will step in.
“In most cases, developers did not invest in strategic research of the tenanting equation, adequate leasing expertise and the right mall management partners. It is, in fact, possible to revive a mall if a professional firm like Anarock reworks the equation at the DNA level. In other cases, the available space can still be turned profitable via focused mixed-use tenanting, ‘reverse modelling’ or a complete revamp of the business model,” added Puri.
