Dubai-based Landmark Group, a privately-held retail company in West Asia and India, has opened India’s first Oasis Centre in Bengaluru.
The two-lakh-square-foot Oasis Centre houses Lifestyle, occupying 90,000 square feet at ground floor and SPAR supermarket across 40,000 square feet on third floor. The fourth floor has an entertainment zone called Fun City and a food court named Polynation.
The company plans to invest $500 million for retail expansion in the country by 2010. The investment will go towards setting up more Lifestyle stores, Home Centre stores, SPAR supermarkets, Polynation food courts, and Fun City entertainment zones.
“Since 1998, the company has invested $100 million for its India operations. The retail industry is still at a nascent stage in India as compared to Spain and the United Kingdom, where we are growing rapidly. We intend to become a billion-dollar company by 2012,” Landmark Group Chairman Micky W Jagtiani told Indiaretailing at the launch of Oasis Centre.
When quizzed about selecting Bengaluru for launching its first Oasis Centre, Jagtiani said: “Not only Oasis Centre, but most of our brands in India are also first launched in Bengaluru. Bengaluru is our home market and, hence, holds special significance for the group. I believe that this cosmopolitan retail destination is the perfect choice to launch a unique concept like Oasis Centre. Meanwhile, we are looking at opening Oasis Centre in other cities as well.”
Landmark plans to set up 35 Lifestyle stores and 15 Home Centre stores over the next three years in the country. At present, Landmark operates 13 Lifestyle stores, five Home Centre stores, and a Babyshop store in cities like Ahmedabad, Bengaluru, Chennai, New Delhi, Gurgaon, Hyderabad, Mumbai, Vashi and Pune. The company also operates seven Fun City centres in various parts of the country. More such centres will be opened in Bengaluru and Mumbai.
The company had recently opened its first exclusive VNC store in Bengaluru. This 1,400 square feet store caters exclusively to women with a product range including footwear, handbags, wallets and accessories, priced between Rs 795 and Rs 2,995.
Jagtiani also announced the group’s foray into the hospitality sector. The company’s Citymax India will operate 4-star hotels and suites, family entertainment centres, food courts, speciality restaurants and coffee chains. The group’s Citymax hotels and suites will have their first hotel ready by mid-2008. “We’re also looking at the hospitality sector for growth, but we’re still early in the learning curve,” Jagtiani added.
Landmark Group had recently tied up with international coffee chain Gloria Jean’s Coffees to launch a chain of outlets in India. The first outlet will come up in Mumbai later this year. Meanwhile, the group is all set for two major retail acquisitions, one each in the United States and the United Kingdom, at a total investment of about $10 billion.
“The deal is at the bidding stage, but we are definitely looking at investments in developed countries for growth. The retail growth in India and China is hindered by long gestation period and high rentals,” Jagtiani said.
Globally, the group operates 600 stores with a retail presence of over six million square feet across West Asia, India, China and Spain. The group employs 17,500 people, including 3,000 in India.
– Vishnu Rageev R, Bengaluru Bureau