Virtuous Retail to open 3 malls in Bangalore

Virtuous Retail to open 3 malls in Bangalore

Community-oriented retail major Virtuous Retail, the retail division of investment firm The Xander Group, has said that it will open its first ‘VR’ centre at Whitefield in Bangalore in August 2014, followed by two more centres in Koramangala and Kanakpura eventually.

Virtuous Retail Marketing Director Anupam Yog said that his firm has been working on a “community mall concept” in the organised retail space, which will offer consumers a range of entertainment and cultural experiences, besides the regular mall shopping options.

Virtuous Retail has opened its first ‘VR’ centre in Surat, which will be followed by seven other centres across Bangalore, Chennai, Pune, Mumbai and Kolkata over the coming few years.

“We are also looking at centres in New Delhi, Hyderabad, Ahmedabad, Chandigarh and Vadodara among others, where we have found a lot of people with purchasing power and awareness,” Yog said, adding that the Xander Group has committed $600 million in equity to the platform.

On the VR platform, Yog said, “We do not identify our concept as a mall, but as a centre, which combines shopping, dining and movies, with lots of open spaces for events, concerts and a host of cultural entertainment and experiences.”

Each mall will occupy an area of around 500,000 sq feet. The company plans development of around 10 million sq feet.