Inorbit Malls (India) Pvt Ltd, a K Raheja company, is exploring options in the city for expansion.
“We are interested
in the eastern region but given the current inflationary situation, we
are planning our expansion very carefully. We term our malls as urban
lifestyle centres. So, a proper catchment area is of great importance,”
said Kishore Bhatija, CEO of Inorbit Malls, on the sidelines of a retail
summit organised by the Indian Chamber of Commerce here today.
The group, which
owns retail brands such as Shoppers’ Stop, Hypercity and Crossword, is
exploring two new formats — an open mall format and a “bridge to luxury”
format — under the Inorbit banner.
“We will build an
open mall at our second location in Pocharam, Hyderabad. The mall will
not have any central airconditioning. The individually air-conditioned
outlets will have scaled down prices of national and international
brands,” said Bhatija. This format has been named “The Village”.
The operating costs for such malls are lower and the first one will be spread across 400,000 square feet.
The “bridge to
luxury” format is still at the planning stage, Bhatija said. The format
will be incorporated in one of the malls being set up by Inorbit. At
present, Inorbit has one mall in Mumbai. It is setting up eight more
malls across the country. Inorbit is investing Rs 1,400 crore in these
malls, which would be operational in one-and-a-half years.
http://www.telegraphindia.com/1080716/jsp/business/story_9554839.jsp
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