UAE-based Lulu group opened its new shopping mall at Bengaluru and will complete two more properties in India during the next six months as the company remains bullish on long-term growth of retail business.
Yusuff Ali, M.A. – CMD, Lulu Group commented on this and said the company had committed an investment of around Rs 4,500 crore for the development of five shopping malls in India in the first phase of expansion in the country and out of the five, the three malls have already become operational at Kochi, Thrissur and now Bengaluru.
The ”Global Mall” at Rajajinagar in Bengaluru, comprising 8 lakh square feet, is not owned by the Lulu group but they will manage and operate the property.
He also added that “We have one large hypermarket in Kochi and one small hypermarket in Thrissur district. This (at Bengaluru) is our third Hypermarket in India,”
Besides a 2lakh sq ft hypermarket, the Bengaluru mall will have a first-of-its-kind entertainment zone, Funtura, spread over 60,000 square feet.
The upcoming mall in Trivandrum will open by end of this year, while the retail mall at Lucknow is scheduled to open in the first quarter of 2022, and Recognising the importance of online retail, the Lulu group CMD said that it is an omnichannel player.
The Group with its flagship retail chain of Lulu hypermarkets and supermarkets has operations spread over 22 countries. Currently, Lulu Group operates 215 Lulu stores and 23 shopping malls across the GCC, Egypt, India, and the Far East.
The Group’s business portfolio ranges from hypermarket operations to shopping mall development, manufacturing and trading of goods, food processing plants, wholesale distribution, hospitality assets, and real estate development.
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