Blackstone group’s retail platform rebranded itself as Nexus Malls on Wednesday as its right to use the iconic brand name ‘Forum’ ends in September.
Being one of the largest in the sector with nearly 10 million square feet of shopping centres across 13 major cities, it has consolidated its 17 retail properties under the new brand identity.
Speaking to DH, Chief Executive Officer Dalip Sehgal said that the move will help in ensuring greater cross-functional synergies. He also said that the business has bounced back from the pandemic lows and sales now stand at 132% of what was recorded in 2018-19, refusing to give out clarity on the numbers. He also informed that the group had spent over Rs 100 crore for asset upgrades and marketing of the new brand identity.
“We are thrilled with the kind of confidence reposed by our patrons resulting in continuous recovery and sustained growth. Presently, we have recovered over 130% of sales and more than 100% footfall at portfolio level”, Sehgal added.
The consolidation into one name - Nexus Malls - comes after it included eight shopping centres from Prestige Group in 2021.
Talking about its expansion plans, the group said it is looking out for opportunities in all markets whether it be metros or tier-II cities. “North India is certainly something that we will look at and definitely we are stronger in the West and South but even then there is room for us to grow.”
Published 08 June 2022, 17:19 IST