Word: bakshi
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...planned malls do come up, 70% of them will fail," predicts Vikram Bakshi, managing director of McDonald's (Northern India), which is a prominent attraction in numerous Indian malls. Bakshi, who says McDonald's won't be present in 70-80% of the capital's new malls, points out a fundamental problem facing malls that are already operating around New Delhi: a lot of people come to see them and to enjoy the air-conditioned luxury, but not many spend money there. Usha Varadharajan, owner of The Next Shop, which sells gift items like crockery and soaps in the Centrestage...
...What's driving India's mania for malls? Bakshi of McDonald's says real estate speculation is one major factor: "In many cases, it's the 'loot-and-scoot' model. You see an opportunity, you build a mall, you sell out and leave." Mall builders like Unitech and DLF acknowledge that there has been speculative mall building, but blame it on smaller competitors that lack their long-term vision. Instead of putting a check on the mall-building glut, says Bakshi, India's state and local governments are all too happy to encourage it. "Governments sell land because they...
...because the water supply is also shaky, he adds, many of the malls will have to dig wells and suck up groundwater, thus lowering the water table in the region. Such environmental concerns are a key reason to proceed with caution before sanctioning more construction of malls, agrees Bakshi. "Where is the water, where is the electricity, for all these new malls?" But DLF Universal's Singh, whose company has invested heavily in building malls in Gurgaon, disagrees. "The government has been picking up the pace of infrastructure building recently," she says, and she's confident Gurgaon's electricity...
...Mall, the latest shopping emporium to open in Gurgaon, with Domino's Pizza and Subway close at hand, it's easy to imagine you're in a city like New York or Sydney. Yet India's mall boom is premature for the country's level of economic development, says Bakshi, "Incomes in India have grown, no doubt, but we need to grow much faster?at 10% for five or six years, like China?before we can support all these malls." For shop owner Varadharajan, that much economic growth still wouldn't justify all the malls being planned for a small...
...Squatters are people who see art as a necessity and exchange, not a luxury housed in galleries,” Art Squatter Amar C. Bakshi ’05 says...