Avenue Supermarts, the parent company overseeing the nationally recognized supermarket chain D-Mart, persists in implementing its growth plan by broadening its real estate holdings. In a recent development, the company has procured around 50,000 square feet of commercial space spanning four levels within a residential tower situated in Kandivali, a Mumbai suburb. Read SURFACES REPORTER (SR)’s complete report below:
This acquisition encompasses 17 commercial units, extending from the ground floor to the tower's second level, representing an investment exceeding Rs 88.74 crore. These properties will serve as the foundation for establishing a hypermarket store and have been acquired from various sources, including Gauri Land Developers LLP, among others.
The company, led by billionaire Radhakishan Damani, has said it will open 40 new stores this year, and they're really focusing on expanding their stores. They just opened one in Morbi, Gujarat, which is now their 333rd store.
They also paid some fees to make it official. They even got some parking spaces in the Gauri Excellency Tower as part of the deal.
Last year, they made their stores bigger by 1.9 million square feet. The CEO, Neville Noronha, thinks regular stores are still a great business, and they are very optimistic about it. They tried to ask Damani and Noronha for more information, but they haven't answered yet.
Unlike other stores, Avenue Supermarts usually buys the buildings instead of renting them. They started in Mumbai in 2002 and now have stores all over India. They have different store brands too. In the news, Damani and his family have been buying expensive properties, like luxury apartments in central Mumbai and a big house in south Mumbai.
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