Mega Plan to Develop Noida into One-stop Fashion Retail Hub
September 28, 2008
Noida will very soon emerge as a hot-spot on the map of fashion world. Authority has decided to develop Sector-99 on the NOIDA-Greater Noida Expressway as fashion-mart where renowned fashion designers will have their outlets.
‘‘We have invited top fashion designers and models to set up shop at the proposed site and within two years the Expressway will match any world fashion destination’’, the chief executive officer of Noida, Sanjeev Saran told a leading financial daily.
Similarly, Sector-93B is being developed as a food bazar where desi and foreign cuisines will be served.
Blogs to Book Deals
September 16, 2008
Can This Type of Online Forum Help You Become a Best-Selling Author? (Roberta Roberti)
On Sept. 28, 2005, publishing house Little, Brown and Co. put out a book called Julie and Julia: 365 Days, 524 Recipes, 1 Tiny Apartment Kitchen by Julie Powell.
This ambitious book started out as a blog. “So what?” you ask.
So, every writer who has ever dreamed of having his or her book published is suddenly viewing blogs as the ticket to a big, fat book deal. But has the aforementioned event truly changed the struggling writer to published author ratio?
Here’s how it went down. At a crossroads in her life, Julie Powell decided to start a project. She would cook every recipe out of Julia Child’s classic Mastering the Art of French Cooking, Volume 1—all 524 of the recipes—in 365 days. She would chronicle her kitchen adventures—everything from making homemade aspic to hunting down calves’ hooves and bone marrow in Manhattan—on her blog site, which she titled The Julie/Julia Project.
She had no publishing aspirations for the blog; it was just for self-fulfillment. A large fan base began clicking in on a regular basis, and, before the end of the year-long project, a bidding war to put the blog into book form arose. Powell was interviewed by the likes of NPR, CNN, the Chicago Tribune, and, most notably, The New York Times.
This buzz threw Powell into the spotlight. Almost overnight, she went from disgruntled secretary to literary darling.
For those of us in the writing life, this is explosive. It is akin to Lana Turner being discovered in Schwab’s drugstore. It’s what all artists dream of: to be “discovered.” To be wanted. To be recognized as the brilliant geniuses that we are. To have a gigantic door of opportunity open wide without our having to knock.
Blogs have been around for a while, but they have exploded in the last few years—particularly since the 2000 presidential election, when everyone had an opinion they wanted to voice. And that is the basic premise of a blog: You can say anything you like about whatever topic you want. Some blogs are like personal diaries, wherein the author espouses on a variety of subjects. Other blogs are topic-specific.
Not every blog is worthy of publication, however. Just because someone writes a blog doesn’t make that person a writer. Most blogs are rambling pieces of self-indulgence. The reason the Julie/Julia Project made publishers sit up is the fact that its quirky, unique voice attracted readers. At its height, the blog was getting 7,500 hits per day and her “bleaders” (blog readers) enjoyed her so much they sent donations. In other words, the project had a built-in audience, which is known in the publishing industry as a platform. A platform draws book deals like a flame draws moths, for it isn’t the blogs themselves that publishers drool over, but the buzz they generate.
Powell has been accused of not being a very good writer. Powell herself wrote in her blog entry announcing her deal: “I am, in fact, officially What’s Wrong With Publishing Today.” Her saving grace is her wit, voice, and style. Being interviewed by Amanda Hesser, food journalist at The New YorkTimes, was like being given the key to the executive washroom—all of sudden, Powell was one of the elite. She had the respect and attention of both the food and literary worlds.
Would Powell have been offered a book deal if the blog was extremely well-written but had a very small readership? Probably not.
Reader reviews of Julie/Julia have been overwhelmingly positive. Of Amazon.com’s 50 reader reviews, roughly 80 percent are favorable. Editorial reviews, from Publishers Weekly to Kirkus Reviews, have been positive as well, but not by such a huge margin. The main problem most reviewers had with the book is that Powell seems to veer off into irrelevant topics.
This is perhaps the problem with all blogs. How do you take someone’s ramblings and turn them into a coherent, seamless read? To ensure that the book would not be a dry, verbatim reprint of the blog, Powell (under editorial advisement, no doubt) added information about her life—her marriage, her woes, her wacky friends—and love letters from Paul Child to his wife Julia. This speaks to the validity of blogs as publishable works. In this case, the blog had to be spruced up to make it palatable, a technique that may not always be possible. Another problem is that whatever it is that the author is ranting about in a blog may be irrelevant in and of itself by the time the book is published.
The Julie/Julia Project is not the first blog odyssey to be printed between hard covers: Several others preceded it. A good example is Save Karyn by Karyn Bosnak. Save Karyn began as a blog of Bosnak’s financial situation. Her book has gotten more flack than Powell’s because many people found it offensive that she would rack up a $20,000 debt through her own frivolity and then request donations from complete strangers to help her pay it off (though it worked). Yet, it doesn’t look like Bosnak is suffering from the backlash; not only does she have a published book, but Sony Pictures is set to release Karyn Bosnak Story, based on this hair-brained/brilliant scheme of hers.
In some cases, writers have been offered book deals that have little to do with their blogs, except that the blogs carry with them that golden built-in audience. A case in point is Dana Vachon, who reportedly got a whopping $650,000 advance for two books. The first book, although based on the blog, is actually a novel. Jessica Cutler is another example. Cutler began a blog to dish to friends about her sexual escapades, including a relationship with a White House staffer. Within 2 weeks she’d lost her job but was bombarded with book deal offers, also resulting in a novel.
In an effort to capture the same success, writers have been starting blogs left and right. All these authors are hoping that editors will read their blogs and say, “Hey, this is a really good writer. We’ll give her a book deal.” In reality, it would be more along the lines of “Hey, this person’s blog is drawing lots of readers. We shall capitalize on that and have him write something … anything.” The question now: How long will this go on?
In his Tech Central Station article “The Future of Blogs and the Blogoshere” (http://www.techcentralstation.com/102704E.html), Glenn Harlan Reynolds wrote that blogs are increasing in significance because everyone is joining the parade, from individuals to corporations. But for that very same reason, blogs will become ordinary, hence drawing less attention. Blogs, as Reynolds puts it, will have “more impact, but less definition.”
Since editors have more than enough ordinary material piled on their desks, what does this mean for bloggers hoping to become published authors?
The likelihood is that there will be a glut of blog-to-book projects, and like any other trend that thrives on glitter rather than substance, interest will dwindle. It is also possible that like reality TV, this will become a standard theme in the publishing environment. Keep in mind that only the best reality shows, the ones that demonstrate real creativity and true talent, continue season after season. So it will probably (hopefully) be with blog books.
Julie Powell, by the way, has sold the film rights to Julie and Julia, which opens up the dialogue for screenwriters as well. If you would like to see what the hubbub was about and read the archived Julie/Julia Project, begin the journey at http://blogs.salon.com/0001399/2002/08/25.html.
Roberta Roberti is a freelance writer in NYC. She specializes in food writing is awaiting the publication of her cookbook, What, No Meat? Traditional Italian Cooking, The Vegetarian Way.
Source: http://www.infotoday.com/linkup/lud121505-roberti.shtml
Retail & Office Rental Witnessing A Sharp Decline
September 14, 2008
NEW DELHI: For those who thought the worst was it’s pouring bad news for the real estate over, there’s more bad news. The slow- tate industry. In a market where prices down in the real estate sector is far from are moving southwards, over-supply is over. Rather, the worst seems to be knock- the new problem which has come to ing on the door, with retail and office rental prices across the country witnessing a sharp drop.
In fact, current market stats reveal that there has been a drop in both retail and office rental values in the last two months which varies from 25% to 50% in some micro markets such as Gurgaon and Greater Noida, where malls and office space have seen a dip of 25-50%. Overall, the rental rates in cities such as Kolkata, Chennai, Mumbai, Pune and Bangalore have also dropped by 25-30%.
Kishore Biyani, CEO of the Future Group, feels the rentals may see another 25-40% drop. The market is going to witness a 25-40% drop in the retail rentals as all big or small retailers are finding it tough to survive in this very high rental market, Mr Biyani told dential units in prime localities that SundayET.
“Many small-time or vanilla retailers may have to close their shop in this kind of condition. We have changed our business model and are now operating on a revenue-sharing model in malls. Productivity is a key factor for any retailer to operate efficiently in a mall, in case of a leased deal,” he added. Industry sources say initially most malls in the same micromarket had similar rental rates. But as they became operational, the rentals started to get aligned with revenues and footfalls. In the office space, the second quarter of this year witnessed a total supply of 4.3 million sq ft in the NCR region the demand was down to 3.3 million sq ft only.
Too many homes up for grabs plague the residential market. According to industry sources, there has been a 35-40% over-supply in residential apartments in the last eight months. And the reason is evident — a dip of as much as 30-40% in the transactions this year as compared with last year.
Says Raminder Grover, CEO of Homebay Residential, Jones Lang LaSalle Meghraj: “The rise in interest rates has affected the demand for residential space. Higher interest rates have combined with certain other factors such as temporarily reduced buying power due to stock market fluctuations to reduce the demand for high-end residences. Most of the over-supply consists of higher-priced resiinvestors cannot resell quickly, since the demand for them has been impacted.”
In fact, both investors and end users of the residential property sector are anticipating a blanket correction in prices in the wake of the over-supply situation leading to a further slowdown. To offer a solution to the over-supply situation, various developers have started to offer discounts and freebies to attract buyers. There have been tie-ups between the developers and financial institutions also to ease the burden of high EMI payments on the end user. There are also instances of banks in tie-up with developers easing payments with deep discounts on down payment options.
Retailers Pull Out From Malls
September 14, 2008
This supply was spread across micro-markets with majority of it in Noida (54%) followed by Gurgaon (38%) and Delhi (8%). This has resulted in a drop in office rentals by more than 50% in this region.
This year alone, more than 16 million sq ft of retail space will be available in the market and by 2010, it is expected to be 34 million sq ft.
In fact, retailers had asked developers six months back to reduce the rentals for their survival but nothing was done. Now many of them are pulling out of these malls. According to reports with SundayET, at least 30-35 % retailers have started pulling out from these malls because of unaffordable prices.
Explains Anuj Puri, chairman of Jones Lang LaSalle Meghraj (JLLM): “The dynamics of the mall segment have changed in the last few years, as there is an oversupply of retail space in the country. With a fall in footfalls, the retailers are finding it tough to drive in customers to their malls.
” While many developers across the country refused to comment on this price dip, but at the same time agreed that there had been a slowdown in the last couple of months because of huge supply and slowdown in demand. Many also felt that developers were not able to provide organised retail and office space around the country.
Says Rajneesh Mahajan, director (retail) of Cushman & Wakefield India: “In the light of available revenue trends and consumer preferences in various micro-markets across India, we are witnessing correction in space demand. This has led to stagnation or softening of rental values. The developments which have failed to provide quality footfalls are witnessing correction.”
My View on the Retail Story!
September 4, 2008
This whole retail story seems to be a “scam” unfolding with idiots like us falling for it. But I feel there is a pot of gold at the rainbows end. The retail business has potential. I see new formats evolving. Garden malls, open roof malls, speciality malls, etc.
The Ambience mall is a great example of resource and enterprise coming together. The competition is intense and prices high. Millions flock there. I guess the pull is the ‘one-in-all’ concept.
Retail Bust
September 4, 2008
It’s really sad how Indian public has been misinformed about this retail revolution, during the past 4 years or so.
Thanks to my sales/marketing roles, I am fortunate to have been able to study & analyse retail behaviour for quite a while now. Just from that sheer experience (I do not carry the three extra alphabets behind my name, so I am NOT qualified by Industry Standards) it was clear that glam-retail’s or the new format’s self proclaimed success was plain hogwash!
I remember the days, more than a decade back, when one of my otherwise brilliant superior at ITC, was hell bent on his idea that Convenios or Gas Station formats were THE future of Indian retailing.
Fortunately he never made the company invest on his personal dreams. Even in those days, I could never fathom out “why or how” Conevnios could be successful, here!
Unfortunately, too many brilliant (going by their academic records & seamless transition from engineering to B Schools to selling vegetables in a climate-controlled environ) & revered managers DID!
The modern format, as I have commented earlier on a Linkedin fora, started with very commercial purposes, approached however in two very different ways. The first & the time-tested method was by having “sound fundamentals”, strong underpinnings (logistics, branding, pricing etc.) & the very basic intention of “acquiring customers AT A PROFIT”. Not very different from the street corner kirana, but on a different scale altogether.
Many of these start-ups exist today & most of them are making their ends meet without major upheavals. I may mention Subiksha, Trent, Raymonds, Colour Plus, Bajaj Auto etc., here.
These types however forms a minuscule percentage of the total retail scenario.
The other types typically followed the quick-rich path, full of glamour but extremely low on values. Riding on the wave of India’s new found growth-economy (again a collusion between people in power & powerful media), colluded with real-estate, financiers, foreign-funds & greedy industries, to blow the huge retail bubble up.
It’s actually a simple formula & I am sure that millions of average IQed Indians “do” understand the same. Build glamorous retail “brands”, build very expensive enclosures around them (or Malls as commonly known), make powerful statements about the changing Indian aspirations & finally milk the public by making killing IPOs!
Whether the projects were “fundamentally” viable or not, who cared?
Raising money was never a problem!
The stock market boomed, we all cheered & felt very good!
The real-estate boomed & again many of us felt good as properties changed hands & kept returning great profits!
Infrastructure funds & industry celebrated by raising money & rates for steel, cement & the likes! Their investors & employees cheered!
Even our Govt. kept on cheering the “fundamentals” of the great Indian economy!
Now all we have is the US slump to blame!
For how long will the Indian public be mislead?
It’s become a cycle, every cycle riding on new waves (remember the heady days of Harshad mehta?) to rob the unassuming aam-junta!
It’s good to hear that the brilliant managers have now started “realising” that retail, after all, was not such a smart idea! I am sure that these 3 alphabet “loaded” managers will jump ship without much problem, hook on to a “new” ship & set sail in the brilliant manner again.
What happens to millions of Indians who hedges all their savings to train their children for “retail”? Or aviation?
What happens to so many employees who are on the brink of losing their climate-controlled jobs?
Who will justify the huge wastage already made on energy use, pollution, re-routed traffic during constructions?
Its a scam of no small dimension!
It’s as big and mind-blowing as the 70 Rupee popcorns in colourful cardboard glasses!
Source: http://bimtech-retail.com/blog/2008/corrections-and-consolidations-in-indian-retail/
Corrections and Consolidations in Indian Retail
September 4, 2008
It’s true that every one learn from their mistakes only. Indian Retail biggies have initiated much awaited corrections as well as consolidation in their current business. Though these are first round of changes in their strategies but at least it has started.
1. Indian organized retail players have realized that it’s really tough to compete with cost-efficient and customer-focused kirana stores (mom-n-pop). This is why convenience store formats like Reliance Fresh, More, Spencer’s & Subhiksha are shutting down stores which are not viable and at the same time are going slow with their expansion plans. This is taking place because of the low margins in this business and high real estate costs. Hypercity has also exited this space.
Industry Speak:
“What kind of conveniences can modern retailers now offer with an inevitable high-cost structure? It makes no sense to be in this space” says Andrew Levermore of HyperCity Retail.
“Although we had a lead entry into the space, we knew that the neighbourhood formats will never be viable. Even if consumers have the money why will they spend extra in air-conditioned formats to make daily purchases. The local kiranas are already far too efficient in the space” said Future Group CEO Kishore Biyani.
“The current crop of neighbourhood formats are merely air-conditioned kiranas. It makes no sense to compete with the supremely customer-friendly kiranas, which offer credit and a great service system. The merchandising will have to be different to bring back the consumers,” says Gibson Vedhamani, president of the Retailer’s Association of India.
2. As the Retail bubble burst, every one jumped into it registering their presence everywhere possible. Retailers should learn from what is happening in Ahmadabad. Once it was favorite of all retailers but now stores are shutting there. City malls are experiencing vacant spaces and Big Bazaar recently closed two of its big outlet there. These are result of wrong analysis of Gujrati Consumers who look for functional benefits from the retail experience. The result: closure of ambitious retail projects across the city. Brands like Nike, Tea Centre, Conizza, etc, have already closed shop (ET). According to Retail Analysts these are nothing but sign of consolidation. So, this shows that how Indian Retailers just jumped into the market without proper market research.
3. Bharti Retail seems to have learnt from the mistakes of other and so they have taken strategy of going slow. Compared to Reliance’s one-store-a-day approach, Bharti’s pace has been almost one-store-a-month. It has opened seven stores in six months, as against around 700 stores of Reliance in two years. “We plan to have pan India presence, but are in no hurry to roll out stores everywhere. Our aim is to understand the dynamics of retail and evolve the right model. We are not here to prove anything in a year or two, but looking at 5-10-year period,” says Bharti Retail president and COO Vinod Sawhny to ET.
