Texvalley’s new avatar will generate over 2,000 new direct jobs and about 15,000 in-direct jobs in the region. The footfall will increase from about 60,000 visitors a month to over 500,000 in the next two years. The number of brands present in the mall will go up from 500 to 1,500 during the same period
Texvalley, a trailblazing B2B hub for the textile industry, located at a sprawling 20 lakh sq. feet area in Erode, Tamil Nadu, is all set to metamorphose into South India’s first ‘destination mall’ of its kind, housing both B2B as well as B2C business across segments, besides food, entertainment, and other lifestyle outlets. Fully exploiting the growing demand for a destination mall in this region that comprises Karur, Erode and Tirupur, Texvalley, in its new avatar, is dedicating over 400,000 sq. feet for B2C business and lifestyle outlets. Texvalley will house a hypermarket, a five-screen multiplex, a 500-seat food court, 100+ ‘outlet’ vanilla shops and five fine dine options along with a family entertainment centre.
The formats of these facilities would be completely new to the region and are designed keeping today’s youth in mind. For its transformational journey, Texvalley has appointed Beyond Square Feet, a consulting firm specialising in providing end-to-end solutions in mall development and mall management. Currently, around 1,000 buyers representing textile and allied industries from Telangana and Andhra Pradesh visit Texvalley and do business worth Rs 120 crore each year. Post transformation from B2B to B2C, Texvalley hopes to attract 5,000 buyers from Telangana and Andhra Pradesh and the business is expected to grow to Rs 400 crore annually from the state.
Currently, the textile market has 500 odd brands, representing textile and allied industries, and is making a turnover of about Rs 750 crore. However, the new mall will take the presence of differentiated local and global brands to 1,500 within the next two years. As per a research report by AC Nielsen, a global marketing research firm, the turnover of Texvalley may cross Rs 5,000 crore by 2024. The report points out that adding the ‘outlet mall’ to Texvalley shall further give impetus to the footfalls, thereby making Texvalley the most sought after destination in the entire region.
Talking about Texvalley’s transformation, Devarajan C, Vice Chairman, Erode Textile Mall (P) Limited, said, “The grand makeover is in alignment with our unwavering vision of promoting the business of our customers and boosting the experience of our visitors. Since inception, we have set several new benchmarks in the textile industry in India – one of them being our undisputed position as South India’s largest textile market. We keep growing and evolving with the changing needs of our customers. The new Texvalley as South India’s only B2B and B2C integrated destination mall is in line with global retail trends. We expect that there will be a symbiotic relationship between B2B and B2C segments, thus boosting business, enhancing customer experience and future-proofing the asset.”
Commenting on the growth of Texvalley post-transformation, P Raajashekar, Managing Director, Erode Textile Mall (P) Ltd., said: “The footfall of Texvalley is expected to grow multi-fold from about 60,000 visitors a month during the pre-pandemic years to over 500,000 businesspeople, consumers and tourists every month in the next two years post the large-scale infrastructure enhancements which are nearing completion. It is projected to provide direct and indirect employment to about 50,000 skilled people.” Briefing the media, Susil S Dungarwal, Chief Mall Mechanic, Beyond Square Feet, emphasised, “Change is priority number one for growth post the pandemic. This means evolving to match with the new expectations of the stakeholders.”
“At Texvalley we have reinvented the entire business strategy in such a manner that it would be the most sought after destination marketplace in the entire southern region. We have been known in the sector to drive challenging projects to success. The new positioning and mix of the trades will attract customers from all over the country and beyond, thus converting Texvalley into a world-class destination,” he added. Texvalley is owned by Erode Textile Mall Limited, a special purpose vehicle, promoted by two prominent business groups, namely, Lotus Group and URC Group Ltd., a leading construction company in South India.