Ritu Wears, 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 Magneto Mall 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 Westside (20,000 sq.ft) and PVR (40,000 sq.ft).
Confirming the deal to open a store in the mall, Sanjay Sahni, 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 Wal-Mart (Easyday), Shoppers Stop, Marks & Spencer, Reliance Trends, KFC,Pizza Hut, Catwalk, Pepe Jeans, Numero Uno and UCB, confirms Rangwane.
— Diwakar Kumar
