05 Mar 2024

IKEA, the Swedish furniture giant, is shutting down its Ghatkopar store in Mumbai's R City mall due to concerns over its small-format viability, aiming to enhance its Mumbai operations centered at the Worli store. This marks IKEA's first closure in India, reflecting its pursuit of a leaner retail model. Despite the closure, IKEA reaffirms its commitment to Mumbai and Maharashtra, eyeing expansion in Pune and bolstering online presence. The decision coincides with plans for renewed investments in India. Though IKEA India reported substantial sales growth, net losses widened. Globally, IKEA operates in 63 markets, with the Philippines hosting its largest store.Read more

29 Feb 2024

Brigade Group collaborates with PVP Ventures Ltd for a major project in Chennai, constructing a sprawling 2.5 million sq ft residential complex in Perambur, expecting INR 2,000 crore revenue. Chennai's diverse industries make it an ideal market. Managing Director Pavitra Shankar emphasizes Chennai's significance alongside Bengaluru and Hyderabad. With over 12 million sq ft land bank, Chennai is their second-largest market. Brigade Group diversifies into hospitality, leasing a 250-room resort along East Coast Road. Plans include adding 1200 keys in four years. Additionally, they aim to expand commercial real estate, adding 3.15 million sq ft of office space by FY25, driving sustainable growth across key markets.Read more

28 Feb 2024

Jubilant FoodWorks Limited (JFL) introduces Popeyes to New Delhi's Chandni Chowk, marking its expansion into the national capital region after its initial entry into India in 2022. With plans to open stores in other key locations, including Jasola, Faridabad, and Gurugram, Popeyes aims to leverage its own delivery fleet and partnerships with food aggregator apps. JFL targets INR 1,000 crore in sales from Popeyes, capitalising on India's significant non-vegetarian market. The move reflects JFL's strategic expansion efforts and highlights the growing demand for fried chicken in India's quick service restaurant (QSR) sector.Read more

27 Feb 2024

In 2023, India's entertainment sector saw a staggering 179% year-on-year surge in retail space leasing, doubling its uptake to 660,000 square feet. This trend, encompassing movie theatres, gaming arcades, and play areas, reflects a shift in consumer behaviour towards shared experiences and leisure activities. CBRE data reveals the entertainment segment's share of overall retail leasing increased from 5% to 9%, with Bengaluru leading the charge at 330,000 square feet, followed by Chennai and Delhi-NCR. Other cities also contributed significantly, marking substantial growth compared to 2022 figures. This surge underscores the rising importance of entertainment experiences in retail spaces, driven by technological advancements and evolving consumer preferences.Read more

26 Feb 2024

Oberoi Realty teams up with Marriott International to redefine luxury living in Mumbai, unveiling plans for two prestigious properties: JW Marriott Hotel Thane Garden City and Mumbai Marriott Hotel Sky City in Borivali. Expected by 2027-2028, these projects promise unparalleled urban experiences. Chairman Vikas Oberoi underscores the integrated developments' grandeur, showcasing Oberoi Garden City and Sky City as prime locations. Leveraging Thane's allure and Borivali's vibrancy, Oberoi Realty emphasizes lifestyle enhancement through luxury residences, expansive malls, and seamless connectivity. This partnership cements Oberoi Realty's commitment to pioneering upscale urban communities, blending opulence with community well-being and sustainability, reshaping Mumbai's real estate landscape.Read more

26 Feb 2024

India's hospitality sector is poised for substantial growth, with Crisil Ratings projecting an 11-13% revenue increase in 2024-25, buoyed by robust recovery post-Covid-19. Domestic demand and rising overseas visitors are expected to drive growth to 15-17% this fiscal year. Strong operating performance and minimal capital spending will bolster profitability and credit profiles. Domestic travel demand, supported by economic activity, will sustain industry development, albeit at a slower pace due to a high base effect. While foreign tourist numbers remain below pre-pandemic levels, their gradual increase will boost hotel demand, especially in the MICE category. Favourable supply dynamics will further fuel industry resilience, with brands favouring management contracts to minimize upfront capital costs amidst sector challenges.Read more

23 Feb 2024

OYO properties & Homes is branching out into the sports hospitality market, choosing 100 properties in 12 locations, including Bangalore, Chennai, and Delhi. The change is intended to accommodate major sporting events by offering players, referees, and spectators end-to-end solutions. OYO provides a variety of lodging alternatives, customised packages, and group booking choices with an emphasis on quality and creativity. The company also intends to offer transportation, catering, and round-the-clock support via control rooms at event locations. This strategic growth, which demonstrates OYO's dedication to seamless and inclusive hospitality, comes after successful participation in significant sporting events in 2023.Read more

22 Feb 2024

Udhayam theatre, a historic cinema hall in Chennai, is scheduled for demolition to pave way for a residential complex on its 1.31-acre property in Ashok Nagar, Chennai. Established in 1983 as one of the city's initial multiplexes, the theatre complex, housing Udhayam, Mini Udhayam, Suriyan, and Chandran theatres, will be replaced by a residential development. The decision to replace the iconic structure with a residential complex comes in light of low profitability and financial constraints. The closure has stirred nostalgia among cinema enthusiasts, reflecting a broader trend of traditional theatres facing challenges and closures amid the growing popularity of online streaming platforms.Read more

21 Feb 2024

Bengaluru-based Prestige Group plans to develop 9 million sq ft of retail space across Mumbai and Delhi-NCR, expanding its mall business. In 2021, they sold 4.4 million sq ft of retail space valued at Rs 9,000 crore. Rebranding their malls aims to attract international brands and enhance customer experiences. Ali emphasised the rarity of malls generating Rs 100 crore monthly revenue, highlighting their Forum mall's success. Upcoming malls will feature destination retail, live music, cinemas, and technology-enabled experiences. With strong retail portfolio growth, including 102% YoY sales increase in Q2FY24, Prestige Group aims to join India's elite mall league.Read more

20 Feb 2024

Phoenix Mills, a retail-led mixed-use asset developer, reported a 69% year-on-year rise in Q3 FY24. Consolidated net profit rose to INR 297 crore, with operating profit reaching INR 552 crore. Retail collections surged 30% to INR 700 crore, and rental income from retail grew 33% to INR 447 crore. The malls owned by the developers are operating at lifetime high lease occupancy and trading levels. The company also recorded robust leasing in commercial offices and maintains strong Average Room Rates (ARR) in hotels. Consolidated net debt stands at INR 2,230 crores. Residential sales show improvement, with gross sales of INR 515 crores in the first nine months of FY24.Read more