The United Arab Emirates (UAE)-based Lulu Group is planning to open about a dozen more shopping malls in India. Lulu Group is seeing a huge opportunity in the Indian retail sector. Lulu Group currently has 5 shopping malls in India. These malls are in Kochi, Trivandrum, Thrissur, Bengaluru and Lucknow, covering an area of about 3.7 million square feet.
Supermarket chain Lulu Group India has expanded its business in India with the opening of a huge mall in Lucknow last month. It is the largest shopping mall in the country built on 11 acres at a cost of about Rs 2,000 crore. After its opening, it is in discussions about its structure and beauty.
Shibu Philips, Director of Shopping Malls, Lulu Group India, said in an interview that the Indian retail market is still”under-utilised”. The share of organized retail is still low. He said,”India is a very important market for Lulu. It’s a young population with rising per capita income and consumption. It’s a very under-utilized market, because if you look at organized retail, it Still only 12 per cent. So, I believe there is a lot of opportunity here (India) if you have the right business model. Lulu is completely focused on India.”
Lucknow is the fifth city, after Kochi, Trivandrum, Thrissur and Bengaluru, by Lulu Group to open its supermarket. After setting up business in the Gulf, the group moved to India in 2006. The group’s business is spread across sectors such as e-commerce including hypermarkets and shopping malls.
The group’s founder Yusuff Ali founded Lulu Hypermarket in the year 2000. He was born in Thrissur district of Kerala. The group currently operates businesses in 22 countries across West Asia, the Americas and Europe. This group has a total of 235 retail stores and many shopping malls in the world.
With a strong revival in the retail sector, 31 new shopping malls are expected to be operational by the end of next year. Property consultant Anarock recently reported that a total of 15 new malls will open in 12 cities this year. At the same time, 16 more malls will open during 2023.