Built over the ruins of ancient Pataliputra, the age-old bazaars of modern Patna betray a flavour of yesteryear in its din and bustle, the bellowing of beasts, the salty language of traders and cattlemen and their shocking racy stories.
Old shopping centres like Patna Market, Lalji Market, Hathwa Market, Heera Place and Kurji Market captivated the minds and hearts of customers for years. With customer loyalty ensuring steady sales, these markets survived the changing times. Till mall mania gripped the city.
Now, glitzy air-conditioned shopping malls like Vishaal Mega Mart and Nine to Nine Super Market have grabbed the fancy of new-age shoppers with promises to transform the mundane shopping activity into a pleasurable experience.
"After the metros, it is Patna's turn to jump on board the retail bandwagon. This tier-II town with a population of around 1.8 million is firmly set on the radar of nearly all major retailers," said a retail analyst.
Encouraged by the entry of major national and international labels, developers are vying with each other to churn out retail infrastructure that compares with the best in the country. "It is a complete metamorphosis of what retailers and shoppers have experienced in facilities so far," said film-maker Prakash Jha whose upcoming shopping mall and multiplex is ready to set new benchmarks in retail and entertainment. The sprawling one-acre mall is being designed by a famous architect of Mumbai.
Another realty firm, Rishavnath Developers, is set to foray into construction of mega retail stores in the state. The owner of Rishavnath Suresh Singh says, "Growing untapped consumer markets in the city has made it a preferred destination for investment by leading real estate players for exploring the retail business opportunities."
Asish Ranjan Jha, another real estate developer says, "Patna has no dearth of land. It is expanding rapidly. I intend to venture into a speciality mall on the outskirts soon."
Pankaj Kumar, a leading architect who graduated from Mumbai's prestigious JJ School of Arts, has a number of mall designs on his drawing board. "My hands are full. Wait a couple of years and you'll see a new skyline in Patna," he said.
The reason for the spiralling interest of mega-brands like Reliance, Airtel, Piramals, Tatas and ITC, fast-food chains like McDonalds, Moti Mahal, Kapil's Eleven, Smoking Jones, Pizza Hut, bigwigs in the apparel industry like Pantaloons, Blackberry, Lee, Provogue, Peter England and Woodland is obvious. It is fuelled by rising middle-class earnings, success of early retail format developments in the past three-four years and availability of reasonably priced real estate options.
"These factors, coupled with brand acceptance among consumers, is driving retailers and property developers as they can achieve breakeven here a lot faster than in larger cities," the analyst explained.
Elaborating the phenomenon, leading economist Shaibal Gupta says, "Bihar in general and Patna in particular is currently in development phase marked by rapid pace of creation of retail infrastructure. The state's retail industry is only expected to grow every year and become organised."
In a city starved of entertainment options, malls are set to become the favourite destination of denizens, particularly after sunset.
A research paper published by another leading economist and a keen market watcher Ajita Sinha pegs investments in the retail sector at Rs 100-250 crore in the next two-three years. And it is the real estate boom — the mushrooming of malls — that will script this retail story. While there are only five malls now, 10 are in the pipeline with several more on the drawing board.
Footwear and apparel have witnessed the highest organised retail penetration in the city with a share of 22% and 12% respectively. Even though food and grocery segment contributes about 38% of private consumption expenditure and about 77% of total retail sales, it is mainly controlled by the unorganized sector — the nukkad stores.
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