The Pantaloon group promoted Kshitij will be setting up 51 malls in over 145 lakh sq.ft area in the next three years. The malls would be called Kshitij Retail Destinations, and would be spread across 29 cities, across Mumbai and Chennai, Siliguri, Guwahat
The 51 malls would include the ones already being developed using Kshitij Venture Capital (KVC) fund as well as malls that are owned and leased by Pantaloon Retail. The total cost of the projects being implemented by KVC fund is approximately Rs 2,500 crore.
While in terms of properties the number would be limited, the company would be looking at larger properties where they could set up about four-five town centres like the one planned at Mukand property in Mumbai. The size of these would be about 50 lakh sq.ft, each, and would be mixed with retail spaces, which would also have hotels and convention centres. The 51 properties had been identified over the last six months and work is already underway in about half of these. The first property, a mall in Ahmedabad, would be opening later this year. Kshitij would also be setting up a mall management company in collaboration with a foreign firm to define these destinations and provide services such as tenant management, marketing, and events. In terms of tenant mix, Pantaloon Retail is likely to occupy about 20 per cent of the overall space available. The company has tied-up with Inox Leisure to set up multiplexes at the Kshitij properties, and about 37 of the 51 malls coming up would have a multiplex.