At the ET Great India Retail Summit (GIRS) 2026 held in Mumbai, Atul Ruia, Chairman, The Phoenix Mills, unveiled a massive expansion blueprint to increase the company’s retail footprint from 18 million sq ft to 40 million sq ft by 2033. He dismissed the notion of India being a ‘future’ opportunity, asserting, ‘India is the story’ of the present. This roadmap is underpinned by a structural shift in consumer behavior; in January 2026 alone, Phoenix assets recorded a 30 per cent growth in sales growth despite no new floor space additions, highlighting a significant rise in trading densities.
Strategic density and integrated ecosystems
The group is transitioning from standalone shopping centers to massive integrated urban ecosystems. In Bengaluru, Phoenix is expanding its Marketcity footprint into a 6-million-sq-ft destination, aiming to triple revenue densities to Rs 10,000 per sq ft. Meanwhile, a 1.4-million-sq-ft Greenfield project in Thane will blend premium retail with hospitality and office suites. In Mumbai’s Lower Parel, the company is doubling its mall footprint to 2 million sq ft, reinforcing its dominance in the luxury and bridge-to-luxury apparel segments.
Omnichannel realities and sustainability
Addressing the digital-versus-physical debate, Ruia noted, the ‘false binary’ is over, with omnichannel emerging as the definitive winner. Physical stores now serve as the primary anchors for brand trust and high-value apparel transactions, while digital platforms provide the necessary reach. India has less than one square foot of organized retail per capita, Ruia noted, suggesting that the market's challenge is not oversupply, but a shortage of high-quality, experience-led assets. To meet this, the company is integrating climate-conscious infrastructure into all new builds, viewing sustainability as a competitive operational advantage rather than a compliance cost.
The Phoenix Mills is India’s premier retail-led mixed-use developer, transforming historic textile lands into iconic urban landmarks like High Street Phoenix. The company operates across retail, hospitality, commercial, and residential sectors. With a ‘Vision 2033’ target of 40 million sq ft, it focuses on high-consumption Tier-I and Tier-II hubs.
