Hiranandani Group to expand retail biz

Lakewood Malls, the Rs 50 crore retail arm of the Hiranandani Group, is set to expand its operations during the next fiscal.

The company, which over the past four years has been experimenting with various formats, has zeroed in on supermarkets, lifestyle stores and culture shops as its focus.

According to Priti Hiranandani, director, Lakewood Malls, the supermarket chain under the brand Haiko will see rapid expansion across select cities. "Tier-I and tier-II cities will be the focus of expansion," Hiranandani said.

The company today announced its entry into Bangalore with a lifestyle store selling around 40 footwear brands. Lakewood will also open its culture shop, Suriti, within the next couple of months in the city.

"We have seven shops across formats. Our supermarket chain will start to dot the cities in the coming months, and we are generating enough resources to fund the expansion," she added.