Retail News You Can Use
HyperCity jettisons ExpressCity format
The K Raheja promoted HyperCity Retail has dropped a plan announced last year to launch ExpressCity. The latter was supposed to be a convenience store chain to rival Subhiksha, Reliance Fresh and Spencer. Reportedly, the inconvenient challenges were low margins in a high real estate cost environment. As a result HyperCity will continue its focus on the current big box, hypermarket format and attempt to increase the only outlet in Malad, Mumbai.
Reliance Retail & Citi in consumer finance JV Reliance Retail and Citi bank are close to finalizing a 50:50 JV for consumer finance. The new venture will be headed by Citi Sandeep Soni. The organisation will provide finance, include loans, credit cards, etc for Reliance Retail consumers. Reliance Retail claims to have 38 lakh customers in their loyalty program called "Reliance One".
Reliance to open 60 iStores by 2011
Reliance Retail is to open 60 iStores by 2011. Currently there are four stores located in Jaipur, Bangalore, Hyderabad and Mumbai. iStore is Apple iconic outlet that retails its entire product line.
Five Centrals' to be added by Dec
The Future Group plans to add five Central ˜seamless malls by Dec end. These will come up in Vashi, Bangalore, Ahmedabad and Nasik. This will take the chain count to twelve. Kishore Biyani, CEO Future Group, has faulted poor supply and high real estate costs for the previous slow growth.
Select Citywalk Mall, Saket wins award
The Select Citywalk Mall at Saket has won the award for being the Most Admired Shopping Centre of the Year. This award was announced at the First India Shopping Centre Forum that took place in Mumbai. Pranay Sinha, the outgoing CEO, was declared the Shopping Centre Face of the Year at the congratulatory celebration organized at the mall.
Croma opens in Ghaziabad and Faridabad
The Tata Infinity promoted electronics chain has opened two more mega-specialty stores totaling 32,000 sqft. Two Croma stores have just opened in Ghaziabad and Faridabad in the NCR area.
Contributed By: Nithin Narayanan