The retail major Lulu Group, with headquarters in the United Arab Emirates, is currently looking for a piece of land in Mumbai where it may open a hypermarket or mall.
The UAE, India, Saudi Arabia, Bahrain, Kuwait, Oman, Qatar, Egypt, Malaysia, and Indonesia are just a few of the nations where The Lulu Group operates. Throughout the Gulf Cooperation Council, Egypt, India, and the Far East, the corporation runs 24 shopping centers and 260 LuLu boutiques.
The company operates malls in Bengaluru, Kochi, Thrissur, Thiruvananthapuram, and Lucknow, India.
The company's goal is to undertake mixed-use development in India, Philips stated at a panel discussion held during Mapic India 2024.
A mixed-use development is an ecosystem created by real estate agents that includes a mall, hotels, commercial office space, and residential buildings all incorporated into one large project.
There are currently more than 500 active indoor amusement facilities in the Indian real estate market, totaling over 6.6 million square feet. According to a survey published on September 18 by the real estate consulting firm JLL, about one-fifth of these facilities occupy retail space larger than 50,000 square feet.
Shibu Philips, Director Malls, Lulu Shopping Malls says, I can say that we are coming to Mumbai and the land team is looking for land that will suit our requirements. We may come up with a mall or a hypermarket, it will also depend on the type of land we get”.
“Traditional retail beyond shopping, we also want to connect with people. We plan to develop big spaces for large- scale entertainment keeping in mind factors like sustainability and adaptability”, Philips added regarding Lulu.
Speaking to the retail market of India, Pradeep Aggarwal, Founder & Chairman, Signature Global (India) says, “India’s retail market is witnessing robust growth with consumers more inclined toward Grade A malls. The top-grade malls are increasingly emerging as cultural and community-focused hubs rather than just shopping and entertainment destinations. As such, they are well-positioned to shape the future of organized retail in India. Amid the rising aspirational population, the demand for top-notch quality retail spaces is set to rise phenomenally particularly in places like Gurugram, as more and more people prefer a one-stop solution that offers a combination of top-notch shopping experience, entertainment, ambience, and community engagement all at a one place”.
Similarly, Sanju Bhadana, MD, 4S Developers, “The massive rise in residential real estate driven by economic growth and growing prosperity amongst Indians is generating more demand for malls. Markets like Gurugram have been taking the lead and the coming years will witness stupendous growth in all segments of real estate sector favoured by Government’s policy and focus on infrastructure development. The rising income levels and propensity to spend will create more demand for grade A malls in India especially Gurugram”.
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