Corporate giants plan to build shopping malls across cities
Tata Group, which is currently building a shopping mall in Amritsar, plans to take its Trillium mall brand nationwide in order to outfit in the country’s beneficial modern retail sector.
The 700,000 sq ft mall will be ready by the end of this year or by early next year. The company has three more malls in the pipeline in Nagpur, Bangalore and Gurgaon, which are expected to be ready in the next three years. According to sources, Tata Group is planning to build shopping malls across all the major cities in India.
Reliance Industries, another corporate giant, is currently developing four million sq. ft. of retail space to house its own brands as well as to rent out small portions to other retailers. Reliance Retail, which is a subsidiary of Reliance Group, has a pan-India presence with retail formats in the value and specialty segments.
Reliance has pointed out pieces of land in almost 150 cities nationwide to build shopping centres on many of them.
Sources said that the company is primarily building ‘captive malls‘ with plans to lease out parts of those malls to non-competing brands. It is also heard that company would build “mini malls” in the range of 500,000 sq. ft.
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Source: The Economic Times
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