Phoenix Mills April-June Retailer Sales Seen Up 12% On Strong Demand

The Phoenix Mills Ltd. expects retailer sales across its operational malls to rise 12% on year in the June quarter, supported by healthy demand and continued ramp-up of new malls. Growth was led by properties in Lucknow, Indore, Mumbai, and Ahmedabad, the company said.

Provisional figures show trading occupancy at 89%, slightly down from 91% a year ago. In residential, gross sales surged over 3x on year to ₹1.68 billion, while collections rose 65% to ₹990 million.

The company completed commercial office leasing of 407,000 sq ft during the quarter, and occupancy at key Mumbai and Vimmanagar assets rose to 69% from 67% in January-March.

In hospitality, St. Regis’ occupancy stood at 84%, while Courtyard by Marriott’s rose to 71% from 63% a year ago. Average room rates were up 13% and 5% respectively.