Inorbit announces Gujarat foray with mall-launch in Vadodara
Inorbit announces Gujarat foray with mall launch tomorrow
Inorbit Malls, a group company of K Raheja Corp, today announced its foray into Gujarat with the opening of a mall in Vadodara built at a cost of around Rs 300 crore.
With the launch of this mall, located off Genda Circle, Gorwa Road in Vadodara tomorrow, the company would be having an overall operational retail area of over 31 lakh square feet, spread across six malls in the country.
The company which has opened five malls under the brand in last five years is looking to expand its footprint in tier-II and III cities.
"With the Vadodara launch we are looking at more tier-II and tier-III cities. We are looking at cities like Mysore in Karnataka, Coimbatore in Tamilnadu and Nagpur, which offer larger catchment areas," Inorbit Malls CEO Kishore Bhatija told reporters.
"We shall be introducing 30 new brands in Vadodara mall which has total built-up area of 4.74 lakh square feet...," he said adding that anchor players in mall are Hypercity, Shoppers Stop and Marks & Spencer.
In the wake of changing market scenario, the company had to downsize its Vadodara mall from an initially planned four level 5 lakh square feet structure to a three level four lakh square feet space.
"The Vadodara mall initiated back in 2007 was originally planned to be a four level 5 lakh square feet structure, but we revisited it and reduced it to a three level four lakh square feet," Bhatija said.
The company has recorded a highest footfall of 1.5 million per month at its Cyberabad Mall in Hyderabad.
According to Inorbit, the general retail market in India, including malls, has been growing consistently at around 7-8 per cent CAGR, in last few years, while the organised retail has grown between CAGR of 20-30 per cent, offering scope for expansion.
As per industry estimates, nearly 50,000 million square feet of mall space has been added in the country in last one decade. The rentals in malls range between Rs 30 per sq ft to Rs 150 per sq ft.
With the launch of this mall, located off Genda Circle, Gorwa Road in Vadodara tomorrow, the company would be having an overall operational retail area of over 31 lakh square feet, spread across six malls in the country.
The company which has opened five malls under the brand in last five years is looking to expand its footprint in tier-II and III cities.
"With the Vadodara launch we are looking at more tier-II and tier-III cities. We are looking at cities like Mysore in Karnataka, Coimbatore in Tamilnadu and Nagpur, which offer larger catchment areas," Inorbit Malls CEO Kishore Bhatija told reporters.
"We shall be introducing 30 new brands in Vadodara mall which has total built-up area of 4.74 lakh square feet...," he said adding that anchor players in mall are Hypercity, Shoppers Stop and Marks & Spencer.
In the wake of changing market scenario, the company had to downsize its Vadodara mall from an initially planned four level 5 lakh square feet structure to a three level four lakh square feet space.
"The Vadodara mall initiated back in 2007 was originally planned to be a four level 5 lakh square feet structure, but we revisited it and reduced it to a three level four lakh square feet," Bhatija said.
The company has recorded a highest footfall of 1.5 million per month at its Cyberabad Mall in Hyderabad.
According to Inorbit, the general retail market in India, including malls, has been growing consistently at around 7-8 per cent CAGR, in last few years, while the organised retail has grown between CAGR of 20-30 per cent, offering scope for expansion.
As per industry estimates, nearly 50,000 million square feet of mall space has been added in the country in last one decade. The rentals in malls range between Rs 30 per sq ft to Rs 150 per sq ft.
Source : By PTI
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