HYDERABAD: Inorbit Malls, a group company of K Raheja Corp, is scouting for more locations to develop malls, including in Chennai and Bangalore.
The company, which has five malls to date, including one large one in the IT hub of Hyderabad, is set to commission its sixth one at Baroda next month, said Kishore Bhatija, Managing Director and Chief Executive Officer of Inorbit.
Addressing a press conference here, he said. “We have added one mall a year thus far and expect to set up some more in Pune, Hyderabad and Bangalore. The focus is not so much about adding new malls as it is of expanding the business at the exiting malls.”
“Inorbit malls are not just shopping destinations but have turned community centres where people engage in shopping, dining and entertainment. We have grown with generation, technology, consumer preference while keeping pace with change and offering what the discerning consumers seek,” he said.
“The company prefers to own malls to leased ones as they can be developed to suit specific requirements. Therefore, it is hard to find the right location that fits our requirements. We have three land parcels and are planning to work on them even as we are scouting for land parcels in cities like Chennai, Mumbai and Pune,” he said.
Referring to the $450-billion retail industry, of which organised retail is about 7 per cent, he said that it was currently going through a process of consolidation.
Several retail chains are pausing, taking stock of business and strategising for future.
“If it was all about rapid growth in the last 6-7 years of the retail sector, it is now a phase of consolidation where mergers and acquisitions, and possibly rationalisation of stores is the norm. And rationalisation is about closing some and expanding others. The sector has seen some mergers and acquisitions in the retail sector lately,” he explained.