Landmark Group to invest $500 mn, plans expansion

Dubai-based privately-held Landmark Group, which operates a chain of retail store brands, plans to invest $500 million in India by 2010.

The investment will go towards setting up more Lifestyle stores, Home Centre stores, SPAR supermarket, Polynation (food court) and Fun City (entertainment zone).

At present, Landmark operates 13 Lifestyle stores, 5 Home Centre stores and a Babyshop store in Ahmedabad, Bangalore, Chennai, New Delhi, Gurgaon, Hyderabad, Mumbai, Vashi and Pune. Since 1998, the company has invested $100 million in its Indian operations.

Landmark intends to set up 35 Lifestyle stores and 15 Home Centre stores over the next three years in the country.

"Both India and China are growing markets. However, the retail industry is still in a nascent stage in India, when compared with Spain and the UK where we are growing rapidly. We intend to become a $1 billion company by 2012," said Landmark Group Chairman Micky Jagtiani on Wednesday. 

He also announced the group's foray into the hospitality sector. Its unit -- Citymax India -- will operate 4-star hotels and suites, family entertainment centres, food courts, specialty restaurants and coffee chains.

The first hotel will come up this calendar year in India.

The company operates seven Fun City centres in various parts of the country. More such centres will be opened in Bangalore and Mumbai. 

Jagtiani said Citymax had tied up with international coffee chain Gloria Jean's Coffees to launch a chain of outlets in India. The first Gloria Jean's Coffee outlet will come up in Mumbai later this year.

Landmark opened its Oasis centre, housing Lifestyle, SPAR supermarket, Fun City and Polynation under one roof, in Bangalore. Jagtiani said the company was looking at other cities to open Oasis centres.