Kochi, India (Metro Rail Today): The auction of Kiosk spaces in Kochi Metro Rail stations were conducted during 2nd November 2021 to 6th November 2021. The response received from the business community of the state, especially from Kochi for the auction is quite encouraging. The business community of the state, especially Kochi has taken it positively and participated in the auction. There were almost 600 businessmen and women participated in the auction. Nearly, 200 of the 311 kiosk spaces at Kochi metro stations have been rented out, which is an indication of the resounding response to an aggressive marketing drive by Kochi Metro Rail Limited to auction the commercial spaces to mobilise non-ticketing revenue.
Small and medium traders, apart from entrepreneurs and women, got benefit from the auction. Earlier, a non-conventional method was adopted for marketing commercial spaces. KMRL marketing teams have made field visits, distributed notices, visited shops and explained to traders the simple steps that would enable them to take space at metro stations. The marketing campaign for the Kiosk spaces were conducted in joint partnership with SCMS School of Technology and Management (SSTM), Kochi.
The press release stated that, The response has highly exceeded our expectations, with people coming in from as far as Chennai, Kasaragod, Malappuram and Thiruvananthapuram. Many of them were returnees from Gulf region, who wanted to set up their small business in Kochi.
The process of allotment was simplified so that, all that they needed is to bring was a Government ID card and the registration fee. Once the spot registration is over, they can participate in the auction. Once the auction was over, all approvals were readied in less than 30 minutes and the winners have received the provisional allotment letter on the spot. They were given three days’ time to submit the security deposit and another 30 days to open their kiosk. Aimed at making optimal space utility and uniformity in the aesthetics, a standardised design has been adopted for the kiosks to be setup by the winners.
The participants were from various sectors like local food chain brands, beauty and hygienic products, online services, tea & Juice shops and house wives those who are wish to begin their first business. The business society accepted the process very positively. KMRL had arranged a re-auction on 6th afternoon, which itself was a hit, where the participation was large.
Encouraging results of the auction raked in over 10 times the base price at many prime Metro stations. The auction will boost the non-farebox revenue of Kochi metro and strengthen the patronisation of metro system. At a time when KMRL is recovering from the effects of Corona, the space auction has come as a morale booster. Shri Loknath Behera, Managing Director has thanked all participants and bid winners for being part the 4-day auction process.