Pantaloon books 22-mn sq ft space, to spend more on fashion
Kishore Biyani-led Pantaloon Retail India has booked a total of 22-million sq ft of retail space and plans to make 3-million sq ft operational every year over the next 3-4 years.
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"We have signed up to 20-22-million sq ft of retail space (with developers at rentals lower than industry average). As a group, we have a target of around 3-million sq ft of addition each year for the next 3-4 years...," Future Group Founder and CEO Kishore Biyani told analysts at a conference call.
Pantaloon Retail India (PRIL) operates over 260 retail outlets and malls spread over 13-million sq ft across the country.
The Future Group firm will also increase expenditure on its fashion and lifestyle ventures, which would contribute to 35 per cent of its total revenues.
It has a capital expenditure plan of Rs 700-crore this fiscal and plans to open 14 Pantaloon stores and six Central malls across eight key consumption centres.