Century 21, or c21, which is primarily in the business of building retail space in the country, has planned to come up with lifestyle malls for tier II cities.
“We are planning to come up with malls in cities like Bhopal, Indore and Kohlapur within three years,” Amit Kumar, GM marketing, c21, told Indiaretailing.
Sharing details about the plans, Kumar informed, “We have already started the work and if everything goes well, we will be completing it within the slated time.”
The malls are expected to house outlets by prime players in the retail industry. “We have sorted out our group of outlets that would include players from both premier and value categories,” Kumar confirmed.
The group, according to Kumar, is already in talks with brands like Allen Solly, Nike, Peter England, Colorplus, and Turtle for opening their exclusive brand outlets. “We are also hoping to rope in other big names like Westside and Globus,” Kumar added.
The cost of occupying retail space in the malls is not yet decided, but the company affirmed that this would be in sync with the size of the retail market in those cities. “We believe that a retailer cannot pay more than nine per cent of his profit as rentals. Our pricing will be according to the market,” Kumar said.
Speaking about the present business of the company, Kumar said, “We are presently doing good business in the states of Maharashtra and Madhya Pradesh, and looking to build a pan-India presence.”
– Satrajit Sen