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Radhakishan Damani's DMart buys retail space in Mumbai

2023-09-11

Avenue Supermarts, the company behind the national supermarket chain D-Mart, continues to execute its expansion strategy with the recent acquisition of approximately 50,000 square feet of commercial space, spanning four floors within a residential tower in Mumbai's Kandivali suburb. This strategic move involves the purchase of more than 17 commercial units from ground to the second floor of the tower, amounting to an investment exceeding Rs 88.74 crore, with the intention of establishing a hypermarket store. These properties have been acquired from the project developer, Gauri Land Developers LLP, and other stakeholders.

Management at Avenue Supermarts, led by billionaire Radhakishan Damani, has conveyed to analysts their commitment to maintaining a pace of opening 40 stores in the current fiscal year, underscoring the retailer's continued emphasis on store expansion. Just this week, the company inaugurated a new store in Morbi, Gujarat, elevating its total count of supermarket outlets to 333.

As part of this transaction, Avenue Supermarts has fulfilled its stamp duty obligations, amounting to Rs 4.04 crore, during the registration process that took place on August 24, according to documents sourced via Propstack. Furthermore, the deal grants the company exclusive access to 44 car parking spaces within the Gauri Excellency tower. In the fiscal year 2022-23, Avenue Supermarts expanded its retail footprint by 1.9 million square feet nationwide, achieving sales per square foot averaging Rs 31,000.