Indian retail market sees surge in leasing, with top 7 cities driving 5.3 million sq. ft activity
Author : PNT Bureau
JLL India reports a significant rise in leasing activity in the Indian retail market across the top seven cities-Mumbai, Delhi NCR, Bengaluru, Kolkata, Chennai, Pune, and Hyderabad-during the first nine months of 2024. With gross leasing reaching 5.3 million sq. ft despite only 1 million sq. ft of new space, Bengaluru, Delhi NCR, and Mumbai accounted for 59% of this activity. Domestic retailers dominated with a 78% share, while D2C brands are increasingly finding success in malls. International retailers also showed strong interest, with EMEA brands leading the way. JLL projects retail leasing to surpass 6.5 to 7 million sq. ft by year-end....
ITC reports strong Q2 performance with 3.1% rise in profit
Author : PNT Bureau
ITC Limited, the Kolkata-based conglomerate, reported a strong second-quarter performance, exceeding market expectations with a 3.1% rise in standalone net profit to INR 5,078.34 crore. This growth was supported by a notable 16% increase in gross revenue, reaching INR 20,359.95 crore. The company faced challenges, including high inflation and input costs, yet demonstrated resilience, particularly in its agricultural and hotel sectors. The cigarette division saw a 6.78% revenue increase, while non-cigarette FMCG grew by 5.41%. Additionally, the agricultural business rose 47.05%. ITC's strategic initiatives position it well for future growth amid a challenging landscape....
Sincere Developers to invest INR 1,500 crore in luxury hotels across India
Author : PNT Bureau
Sincere Developers, owner of the Taj Hotel & Convention Centre in Agra, is set to invest over INR 1,500 crore in expanding its luxury hospitality footprint. The company plans to construct new hotels in Agra, Udaipur, Goa, and Rishikesh, with an eye on luxury brands like Ritz Carlton and Four Seasons. A significant refurbishment of the Taj Hotel & Convention Agra is also underway, aiming to increase room rates by 40%. With a projected growth rate of 20-25% in Agra, Sincere Developers is committed to enhancing its offerings in India's luxury hospitality sector....
Raymond Lifestyle targets fast fashion and global markets, set to add 9,000 new jobs
Author : PNT Bureau
Raymond Lifestyle is set to hire around 9,000 workers as it plans to open 900 new stores over the next three years. The company has recently spun off its lifestyle division to attract more investment and improve capital access. Amid challenges in major apparel production hubs like Bangladesh, Raymond is also boosting its factory workforce to enhance garmenting capacity. The firm is experiencing increased inquiries from global clients, with a focus on expanding into the fast fashion sector, inspired by the success of Tata Group-owned Zudio....
Hyatt unveils 'The Grand Showroom' in Mumbai to meet growing demand for luxury events
Author : PNT Bureau
Hyatt Hotels has launched 'The Grand Showroom' in Mumbai, a luxury venue designed for corporate parties, lavish weddings, and high-profile events. This new space, part of the Grand Hyatt Mumbai, responds to the growing demand for opulent event spaces, which saw a 25% increase in social events from 2022 to 2023. Managed by Juniper Hotels, the venue is expected to generate INR 45-50 crore in its first year of operations in 2025, highlighting the shift towards personalized and upscale gatherings in the city's hospitality landscape....
Bengaluru: Nexus Select Trust to acquire Vega City Mall for INR 877 crore
Author : PNT Bureau
Nexus Select Trust, a REIT backed by rent-yielding retail assets, is set to acquire Bengaluru's Vega City Mall for INR 877 crore. The acquisition includes the 0.45 million sq ft mall and the land, currently owned by A S Muniswamy Raju HUF, leased to Blue Horizon Hotels. The deal, executed through Vijaya Productions Pvt Ltd, awaits transaction documents and closing conditions. Nexus Select Trust, which manages 17 shopping malls across 14 cities with a gross leasable area of 9.9 million sq ft, aims to strengthen its presence in Bengaluru and capitalize on operational synergies. This move highlights the trust's commitment to growth in India's retail sector....
Thailand's Dusit Hotels to open luxury dusitD2 Fagu Resort near Shimla in December 2024
Author : PNT Bureau
Thailand's Dusit Hotels and Resorts is returning to India with the opening of dusitD2 Fagu, a luxury retreat near Shimla, scheduled for December 2024. The resort will include 80 rooms that integrate modern amenities with local traditional features, catering to tourists seeking rest, wellness, or adventure. DusitD2 Fagu, located near Shimla Airport and accessible from major Indian towns, is the brand's first hotel in India. The company intends to expand further, with four other properties slated to open in Karnataka by 2026. This move underlines Dusit's plan to capitalize on India's growing demand for luxury hospitality experiences....
Temasek-backed Manipal Hospitals expands presence with new acquisition in Mumbai
Author : PNT Bureau
Temasek Holdings has facilitated Manipal Health Enterprises in acquiring a five-storey hospital in Mumbai's Andheri for INR 115 crore. The property spans 2.6 acres and features approximately 225,000 square feet of built-up area. This acquisition is part of a broader strategy to enhance Manipal's market presence, following its stake increases in Medica Synergie and AMRI Hospitals....
Elan Miracle Mall in Gurugram's Sector 84 is undergoing a festive transformation, becoming a one-stop destination for holiday shopping. The mall now features an array of renowned brands in fashion, beauty, home decor, and dining. With stores like Zudio, HomeStop, SUGAR Cosmetics, and Haldiram's, it caters to diverse consumer needs. The mall's unique design, with a three-sided open layout, ensures accessibility and a pleasant shopping environment. It also offers entertainment and the newly opened Ramada Encore Hotel. Upcoming brand launches and festive events are planned to enhance the visitor experience. Elan Miracle Mall aims to be more than a shopping center, offering a comprehensive lifestyle destination for the festive season....
Bata's New Gurugram HQ: celebrating 130 years with innovation and sustainability
Author : PNT Bureau
Bata marked its 130th anniversary with the opening of a new, eco-conscious headquarters in Gurugram, emphasising innovation and sustainability. Designed with "Blue-Sky Thinking," the space fosters creativity, collaboration, and flexibility through modern features like hot seating, smart technology, and sustainable systems such as solar power and water recycling. The office has earned Platinum LEED and GRIHA certifications. CEO Gunjan Shah highlighted Bata's commitment to innovation, employee well-being, and environmental responsibility. The new headquarters reflects Bata's dedication to blending tradition with modernity, preparing the company for a sustainable, forward-thinking future....
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