09 July 2022, Mumbai:

Mall developers’ rental income is expected to grow by 30 per cent Y-o-Y in 2022-23 and surpass 2019-20 levels by 4-6 per cent in the current financial year, as per a report by ratings agency ICRA.

Growth in the income will be driven by pent-up demand, high vaccination coverage and resumption of multiplexes, retail malls since August 2021.

RELATED NEWS . Mall owners, landlords rejoice as rentals surge again after two years 

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Recovery in rental incomes at 74 per cent in Q2 FY2922 and reaching 102 per cent of pre-COVID levels in H2FY2922. New vacant space totaled around 11 million sqft in FY2021 and FY2011 across six cities, says Anupama Reddy, Vice President & Sector Head, Corporate Ratings, ICRA.

However, the incremental space absorption was only around 4 million sqft during this period resulting in a significant increase in the vacancy levels to 23 per cent in 2021-22 from 18 per cent in 2019-20. With the normalcy in the trading values, the occupancy is expected to improve in FY2023, adds Reddy.

The debt-to-OPBDITA ratio is expected to ease to 6x-8x in 2022-23 from 8x-10x in 2021-22, with a significant rise in operating profit before depreciation, interest, tax and amortization supported by improved trading density and footfalls.

Debt service coverage ratio, which was less than 1x for two consecutive years is expected to improve to 1.10-1.15x in FY2023 with the improved rental recoveries.

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04 July 2022, Mumbai:

Business-to-business product development and production management platform for fashion brands and manufacturers Fashinza has expanded its team by appointing Sumit Saxena, President-Revenue and Strategy. As per a Fashion Network report, Saxena will lead Fashinza’s expansion in international markets with special focus on Europe and the UK.

Pawan Gupta, Co-Founder and CEO, Fashinza says, Saxena will help the company grow and expand business and streamline and execute its strategy. Saxena adds, a trillion-dollar industry with huge scope for technology, fashion aims to automate the way brands work today. Technology will enable brands and manufacturers to be more efficient leading to better management and visibility. Fashinza aims to revolutionize the way brands source.

Fashinza has over 250 manufacturers in India, Bangladesh, China, and Vietnam that serves over 200 brands across six countries, including the US, Canada, UAE, and India.

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28 June 2022, Mumbai:

The online channel is expected to account for 50 per cent of Japanese sportswear brand Asics’ total sales in India in the next two-three years. The company’s local arm Asics India is also expanding its retail network by setting up retail stores across the country.

Currently, digital sales account for 35 per cent of its total sales in India, as per Rajat Khurana, Managing Director. This may increase to 50 per cent in the next two-three years, he adds.

ALSO READ  Asics to open first retail branded store in India

Asics India clocked wholesales of around Rs 200 crore last year. The company is witnessing a growth in the 'performance' segment, with the category accounting for around 60 per cent of total sales. It aims to be a leading sports brand in future.

This year, Asics India expects to grow around 30 per cent over last year. In the last two and half years, it has opened over 25 stores and this year, it plans to open 10 to 12 new stores, Khurana says. The target is to increase its store count to 85 by the end of this year, he adds.

Asics is also adopting new materials and technologies to improve the sustainability of stores while also providing a holistic shopping experience and service to its consumers.

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02 July 2022, Mumbai:

Swedish furniture, homeware, and home textile business Ikea plans to its first store inside a mall at the R City Mall in Ghatkopar, Mumbai.

The store is scheduled to open its doors to the public in the next few months.

Along with boosting Ikea’s brick-and-mortar presence in Mumbai, the store will also enable Ikea to increase its omnichannel capabilities in Maharashtra.

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The business plans to focus on Bangalore, Hyderabad, Mumbai, and Delhi-NCR in the first phase of its store roll out in India.

Ikea’s most recent store opening was in Bengaluru on June 22.

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27 June 2022, Mumbai:

India’s largest fashion retailer, known for its on-trend, freshest styles and high-on fashion, Trends is all set to launch the hottest fashion sale–Trends Shopping Festival.

The shopping festival will offer discounts up to 50 per cent on 10,000 styles of men’s wear, kids wear and women’s wear. It will introduce interesting offers, reduce prices, assured gifts, rewards and points to customers across the country.

ALSO READ  Reliance-owned apparel chain Trends opens new store in Kerala

Trends in India houses over 100 national and international apparel and accessory brands along with 20 own brands across men, women and children categories to fulfill every customer needs.

Reliance Trends owns brands: Avaasa offering Indian wear for women; Rio: a brand offering a vibrant range of snazzy trends for young women; FIG offering fashion wear for discerning, independent & working women; Fusion, a brand with range of fusion wear for women where east meets west & style meets comfort; Network offering formal office wear collection for men and women.

Netplay showcasing casual collection for the evolving workplace; DNMX offering exclusively crafted fashion garments like denims, Tshirts etc for the youth and acivewear barnd Performax to support performance in sporting activity.

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08 July 2022, Mumbai:

Retail chain Shoppers Stop plans to expand retail spread by launching 12 new stores. Most upcoming stores will be located in the Tier-II and III cities.

The retailer will also focus on renovating current stores, thus increasing the total number of new and refurbished stores to over 50 per cent in FY23, as per the company’s latest annual report.

RELATED NEWS .  Shoppers Stop: Opens new store in Delhi  

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Besides, the company will invest in private labels including celebrity endorsements. It will also invest in new-age technologies and, study customer behavior and preferences by supporting the data analytics project Jarvis.

Jarvis will help Shoppers Stop improve overall analytical capabilities and improve association with customers by using a propensity model and improving the use of behavioral data and preferences. This will also boost the company’s marketing strategies and product recommendations, leading to greater customer accretion.

Shoppers Stop’s revenue for the financial year ended on March 31, 2022 increased to Rs 3,111 crore while its store count increased to 88. In FY23, the retail company plans to launch 12 new stores, primarily in Tier II and III cities besides renovating existing stores.

Its omni-channel retail strategies will grow stronger as the company will replicate in-store browsing experiences in a wide range of categories and brands across channels, says Venu Nair, Managing Director and CEO

Besides, the KN Raheja Group firm will also boost investments in private labels Kashish, Life and Fratini. In FY12, the company’s 16 private labels formed 14 per cent of sales. Shoppers Stop also plans to amass a diverse and more powerful workforce by including employees from different backgrounds.

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30 June 2022, Mumbai:

Rating agency ICRA has revised the long-term rating for V-Mart Retail at [ICRA]AA- and short-term rating at [ICRA]A1+ for the captioned line of credit.

The Outlook on the long-term rating has been revised as Positive from Stable.

The rating agency has reviewed total bank facilities worth Rs195 crore. This includes Long-term facilities worth Rs132.43 crore, short-term facilities worth Rs16.57 crore, and unallocated facilities worth Rs46 crore.

ALSO READ  V-Mart Retail is a Great Place to Work

The revision in the outlook on V-Mart Retail long-term rating takes into account ICRA's expectation of healthy growth in turnover and sustained improvement in profitability, driven by continued network expansion, recovery in sales per square foot from the pandemic impact, and profitable ramp-up in operations of the 'Unlimited' stores acquired in FY22.

This, along with calibrated expansions and low reliance on debt, is expected to keep the company's financial risk profile strong, with a conservative capital structure, strong liquidity profile, and robust debt coverage metrics.

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24 June 2022, Mumbai:

Online Indian fashion shopping store-Fabricoz is expanding its business other European countries and Canada.

Founded by Shazia Parveen, an Indian living abroad for over two decades, Fabricoz aims to sell great selection of original and designer Indian dresses which are otherwise unavailable, especially in the US and Australia. Fabricoz also offers custom stitching on all Indian dresses to ensure they fit perfectly to each body type.

This was achieved through the use of an online measurement form that allows customers to provide their body measurements and request any style changes compared to model photos provided online. The brand has online shopping stores in two countries named Fabricoz USA and Fabricoz Australia.

The brand ensures clients get an easy-to-use online shopping platform and have a safe experience while shopping online.

Taking clients' feedback on improving the customer service Fabricoz provided a seamless online shopping experience. Fabricoz’s presence on social media has also helped it gain access to a diverse crowd through platforms like Instagram, Facebook, Twitter, YouTube, etc.

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05 July 2022, Mumbai:

V-Mart Retail has expanded retail presence by opening 11 new stores in the April - June quarter of FY 2022-23. The company has opened four stores for its brand Unlimited in South India.

These include one store each in Telangana and Andhra Pradesh and two stores in Tamil Nadu.

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ALSO READ  V-Mart Retail is a Great Place to Work

Additionally, the company has opened seven stores across rest of India, one each in Bihar, Madhya Pradesh and two each in Rajasthan and Uttar Pradesh. With this, the company’s total number of stores now stands at 391.

Founded in 2002, V-Mart is a complete family retail store chain offering apparel, footwear and accessories for men, women and kids. The company has 17 years of experience in providing high-quality affordable fashion. Its retail network spans over 200 stores across 171 towns in 17 states.

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29 June 2022, Mumbai:

Some of India’s biggest retailers including Aditya Birla Fashion & Retail, Avenue Supermarts and the Tata-owned Trent plan to expand their retail spread by adding new stores in the next financial year.

As per a recent report by ICICI Securities, between FY21 and FY24, eight prominent retailers in India will add upto 16.7 million sq ft as compared to 8 million sq ft added in the preceding four years of FY18-21.

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These companies include: Titan, Bata, V-Mart, TCNS and Shoppers Stop. These retailers are expanding to consolidate their market presence, says Devangshu Dutt, CEO, Third Eyesight, a consulting firm.

Aditya Birla Fashion plans to invest Rs 600-800 crore for expansion in the next couple of years. It will add upto 3.1 million sq ft, as per the ICICI report. Avenue Supermarekts would add upto 7.5 million sq ft during FY21-24 for the DMart stores as compared to 3.9 million sq ft added in FY18-21 while, Trent would add 2.7 million sq ft. Shoppers Stop would add 0.8 million sq ft and Bata would add 0.7 million sq ft.

India's largest retailer, Reliance Retail also plans to expand its retail network by exploring new geographies, says Gaurav Jain, Head-Strategy and Business Development.

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23 June 2022, Mumbai:

Amazon Retail India has launched a new collection centre in Gujarat’s Sabarkantha district. The centre will enable Amazon to empower the state’s farmers by directly sourcing them.

The collection centre will introduce fast payments and ensure fair and transparent pricing for farmers besides guiding them on new farming techniques. It will meet the demands of Delhi-NCR, Mumbai and Pune areas, says Rajesh Prasad, Category Leader, Amazon Retail.

Farmers will be able to leverage online marketplaces and become a part of the digital economy, adds Prasad. The centre will also enable them to procure best quality local produce and deliver it to customers. Amazon Fresh currently has seven collection centres across India including four in Maharashtra and one each in Haryana, Rajasthan and Himachal Pradesh.

The Prantij collection centre has a temperature-controlled supply chain infrastructure.

The technology enables Amazon Retail to inspect the quality of the fruits and vegetables.

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