Ritu Wears to enter Magneto

    Ritu Wears to enter Magneto

    By  
    SHARE

    , one of the leading lifestyle regional brands in India, has signed a deal with Avinash Developers (ADPL) to open a 40,000 sq.ft store at in Raipur.

    Speaking exclusively to IndiaRetailing, Vishaal Rangwane, assistant manager, Leasing, ADPL, says, "We have signed the biggest family chain store of North India and a leading name in Delhi’s fashion industry — Ritu Wears — as one of our anchors in the Raipur property." The operational anchors of this property are (20,000 sq.ft) and PVR (40,000 sq.ft).

    Confirming the deal to open a store in the mall, , MD, Ritu Wears, says, "We have signed a deal with ADPL to open a store – tentatively in the first week of October this year – in Magneto Mall, Raipur."

    "The investment in opening will be around Rs.3.5 crore," says Sahni who has agreed on the revenue-sharing rental model along with minimum guarantee with ADPL.

    In March, it opened a 40,000 sq.ft store in C-21 mall in Indore. "Malls always act as a focal point to attract footfalls, which is directly related to revenue. Regional retailers need to increase the number of stores and to do so they require a lot of money. Operating from shopping centres/malls provides leverage in the cash outflow and the same to be used as capital expenditure," underlines Sahni, who, is soon going to invest Rs two crore in opening a 17,000 sq.ft store in Gujarawalan, Delhi.

    Magneto Mall, Raipur, whose 70 per cent space is leased out, is under negotiation with Bharti (Easyday), , Marks & Spencer, Reliance Trends, ,, , , and UCB, confirms Rangwane.

    — Diwakar Kumar