Legend Saravana plans Chennai’s biggest store

CHENNAI: The New Saravana Stores led by Saravanan Arul is planning a 15-lakh-sq-ft retail behemoth on Radial Road, possibly the biggest single retail outlet in Chennai, a person aware of the development told DT Next.

The project, with the property valued at around Rs 1,500 crore at Rs 10,000 per sq ft, will be the fourth outlet of the Rs 2,500-crore Legend group.

The mega store is expected to bring jewellery, furniture, home décor, appliances and electronics under one roof, extending the group’s large-format, value-led retail model.

The land parcel, acquired years ago at a much cheaper price, has appreciated sharply, as Radial Road has emerged as a major commercial corridor.

The group currently operates stores in T Nagar (1.5 lakh sq ft), Padi (3.7 lakh sq ft), and Park Road off Anna Nagar (1.3 lakh sq ft).

Chennai is becoming a multi-cultural metropolis, drawing customers not only from regional locations but also national ones. Leading players have been setting up malls and a notable trend is the option of entertainment available in retail stores - in short, retainment, Kumar Rajagopalan, CEO, Retailers Association of India, told DT Next.

Also, in the age of online shopping, people tend to lean on entertainment more than product purchase to fulfil their "outing" needs. This trend is more in south, driven by film viewing culture, he said, elaborating on the demand for retail plus entertainment options.

He also goes on to state that there is a lot of optimism among retailers as South, predominantly Chennai, has seen modern retailers posting 9% growth despite global pressure.

On the reasons for the retail uptick especially in view of retailers opting for mega expansion, Rajagopalan said new industries are coming up in TN, services sector is picking up and startup action too is visible, enabling consumption and driving retail growth.