For more than Rs 88.74 crore, the firm purchased over 17 commercial spaces across the tower’s first to second floors in order to build a hypermarket.
As part of its growth strategy, Avenue Supermarts, which owns and manages the national superstore chain D-Mart, has kept acquiring real estate. The company has recently acquired approximately 50,000 square feet of commercial space spread across four floors of a residential tower in Mumbai’s Kandivali neighborhood.
For more than Rs 88.74 crore, the firm purchased over 17 commercial spaces across the tower’s first to second floors in order to build a hypermarket. It has acquired these properties from various project developers, including Gauri Land Developers LLP.
The management of the company, which is supported by billionaire Radhakishan Damani, recently informed analysts that it intends to continue building 40 stores each year since store expansion is still a top priority for the retailer.
The company increased the overall number of its grocery stores to 333 earlier this week with the opening of its new store in Morbi, Gujarat.
According to papers accessible by Propstack, the corporation has paid stamp duty of Rs 4.04 crore for the registration of the transaction that happened on August 24. 44 parking spaces in the tower Gauri Excellency will also be made exclusively available to the corporation as part of the agreement.
The company expanded its retail area by 1.9 million square feet during the financial year 2022–2023, and its sales per square foot were Rs 31,000.
“All difficulties relating to Covid19 are resolved. We continue to put our attention on brick-and-mortar businesses because we are quite optimistic about them. Neville Noronha, MD & CEO, Avenue Supermarts, stated to analysts at the company’s conference call in July, “We believe that there is a huge chance to do better and better in the brick-and-mortar industry.
Until the time of going to press, ET’s email to Damani and text to Noronha went unanswered.
It’s interesting to note that, in contrast to other retail chains, the corporation typically purchases the real estate assets required for the expansion of its retail operation wholly.
With 333 active stores operating throughout Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Chhattisgarh, NCR, Tamil Nadu, Punjab, and Rajasthan, Avenue Supermarts opened its first location in the Mumbai nearby Powai in 2002.
Owner of the D Mart, D Mart Minimax, D Mart Premia, D Homes, Dutch Harbour, etc. brands is a firm with its headquarters in Mumbai.
Recently, Damani and his family have made news for purchasing real estate, including a Rs 1,001 crore home in south Mumbai and a Rs 1,500 crore portfolio of luxurious residential apartments in central Mumbai.