UAE bAsEd LULU GroUp As A pArt of its invEstmEnt pLAns of $300 miLLion in KArnAtAKA in thE rEtAiL, LoGistics And hospitALity sEctors hAs AcqUirEd An UndEr-dEvELopmEnt mALL in bEnGALUrU
Lulu Global Mall Bangalore in 2020 | New experience in shopping They are coming to Namma Bangalore
Lulu Global Mall, it is located at Bengaluru’s Rajajinagar. The group had plans to open
it by the end of the year. However Covid 19 and subsequent delay might affect the original plans. The company will also set up two five-star hotels in Bengaluru through Twenty14 Holdings,
its hospitality arm and a modern logistics centre in the Uttara Kannada region as a part of its investment in Karnataka.
reports, the Lulu Global
Mall Bengaluru will
have a presence of over 140 national and international brands, a 1000 seater food court, 11 screen multiplex and a Family Entertainment Centre. The mall will also have Lulu Hypermarket for an unparalleled and delightful shopping experience. The work is now steadily progressing.
“We have acquired an ongoing mall development In Bengaluru and will build our own in Chennai. Mall projects give us the best platform to keep expanding our India portfolio”, Yousuf Ali, Chairman and Managing Director of Lulu Group. “There’s so much still to do in India’s retail space. It was easier to acquire an ongoing project in Bengaluru than go searching for a wide expanse of land. The price was right and that’s why we closed it at the first opportunity,” he added. Apart
from the Chennai mall, Lulu Group
had earlier announced building malls in Lucknow, Vishakapatanam and Thiruvananthapuram. The Bengaluru and Chennai projects were expected to be operational by end of this year.
The group’s Bengaluru mall will
be owned by a third-party, with LuLu handling the mall management. “Mall management is something we have got lot of experience with in the UAE – now, we are just taking that knowledge to India,” the chairman said. “We don’t have a presence in Bengaluru – this will be a good exposure. “There’s always so much more one can do in India. We are entrenching ourselves in southern India, but with Lucknow opening, we will have a wider reach,” said him.
The group had annual turnover of about $7.4 billion last year and
employs more than 50,000 people. Nearly 60% of its revenue was generated from all of its diverse operations in the UAE. This includes managing shopping malls in Abu Dhabi as well build new ones in Dubai — at Silicon Oasis — and Sharjah. Saudi Arabia provided about 10 per cent, while India now accounts for 5 per cent of the top-line number.
The group will be investing Rs.350 crore in India by 2021 end through its organised retail venture Tablez which brings global brands to India by setting up multiple outlets across eight brands across the country.
LuLu Global Mall , Minerva Mills Compound Opposite Sujata Theatre Rajaji Nagar Bengaluru – 560023 Karnataka -INDIA Call: +91 9019931130 Email: Leasingblr@in.lulumea.com https://www.lulumall.in/bengaluru/contact-us/ https://goo.gl/maps/WB1HcLeUYRHaYDDu8
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