The company also has plans to scale up its discount format Promart in tier-II and III cities in the country. Currently, it has a store in Ahmedabad and plans to open one in Indore.
While there was a sharp drop in footfalls in malls in H1FY21, there was reasonable recovery in H2. However, the second wave derailed the recovery.
Consultants who help lease these properties say this is the steepest decline at least in a decade.
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