The Hindu Business Line : Landmark Group set for $10 b retail acquisitions

Bangalore, Jan. 30 The Dubai-based Landmark Group is all set for two major retail acquisitions, one each in the US and the UK, at a total investment of about $10 billion.

“The deal is at the bidding stage but we are looking at investments in developed countries for growth,” Mr Micky Jagtiani, Chairman, Landmark Group, said on Wednesday.

Mr Jagtiani, who was in Bangalore for the launch of the Oasis Centre – a 200,000 sq. ft mall – said that the retail growth in India and China is hindered by “long gestation periods and high rentals”.

Hospitality sector

“We’re looking at the hospitality sector too for growth, but we’re still early in the learning curve,” he said.

The Group’s Citymax Hotels and Suites will have its first hotel ready by mid-2008.

Designed to provide an all-round family shopping and entertainment experience, Oasis Centre houses Landmark brands – Lifestyle, Spar, Funcity (entertainment centre) and Polynation (food court).

The company is yet to firm up expansion plan for Oasis Centre in the country, as this would depend on ‘real estate opportunity,’ according to Mr Kabir Lumba, Executive Director, Lifestyle International.

More stores

The Landmark Group currently has 13 Lifestyle stores, five Home Centres and two Spar stores in the country.

The company is planning to triple these numbers in the next three years.

Globally, the Group operates 600 stores with a retail presence of over six million sq ft across West Asia, India, China and Spain.

The Group employs 17,500 people, including 3,000 in India.

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