Lulu Hypermarket A quarter of Coimbatore: Quality incident by CM!
According to a memorandum of understanding (MoU) with Lulu, the company will open its first commercial complex in Chennai in 2024 and the first hypermarket in the Coimbatore Lakshmi Mills complex will open by this August.
Highlights:
- Government of Tamil Nadu Agreement with Lulu Group
- 3500 crore investment and employment for 5000 persons
- The first hypermarket on the premises of Coimbatore Lakshmi Mills
Chief Minister of Tamil Nadu MK Stalin left for Dubai on the night of the 24th for his first official foreign trip after assuming office as the First Minister of Tamil Nadu. Opening the Tamil Nadu arena at the Dubai Expo, he invited various business executives to come and invest in Tamil Nadu to attract business investment in Tamil Nadu.
Contracts were awarded for a number of projects, including food processing, food parks, cold storage's, freight and services, and commercial settlement projects.
Following this, he met the Chief Minister of Tamil Nadu, Yusuf Ali, Chairman and Managing Director of Lulu Group at his Abu Dhabi residence today.
During the meeting, a Memorandum of Understanding was signed with Lulu in the presence of the Chief Minister of Tamil Nadu. Lulu plans to undertake 3 projects with an investment of Rs 3500 crore and employment for 5000 persons.
Of this, Lulu plans to set up two shopping malls with an investment of Rs 2,500 crore and an export-oriented food processing project with an investment of Rs 1,000 crore.
It is noteworthy that for the first time Lulu will set foot in Tamil Nadu through this agreement.
According to the MoU, the company will open its first shopping complex in Chennai in 2024 and the first hypermarket in the Coimbatore Lakshmi Mills complex will open by this August.
Lulu Hypermarket is all set to launch in Coimbatore as it grows into a small business and IT company in the Coimbatore district.
Hypermarket:
A combination of a department store and a supermarket is called a hypermarket. A hypermarket can be described as a mega retail outlet.
The hypermarket is designed to be cheaper than anywhere else and have everything you need for everyday life under one roof.
Lulu, headquartered in the United Arab Emirates, has announced plans to invest Rs 3,500 crore in Tamil Nadu, Coimbatore. The agreement was signed during Tamil Nadu Chief Minister MK Stalin's visit to the United Arab Emirates. Accordingly, Lulu Group plans to launch its first hypermarket at the Lakshmi Mills premises in Coimbatore later this year and bring a new shopping evening in Chennai by 2024.
Internationally, at a time when supermarkets were beginning to reach ordinary people, France's Carrefour set foot in the Arab world. Realizing the changes in growth that the company has under gone since its inception, Lulu opened its first supermarket in 1995 in Abu Dhabi.
The retail business environment in the area began to change, not only improving the shopping experience for customers but also offering new products and services at affordable prices. Later, Lulu supermarkets opened in variuos parts of Abu Dhabi.
This first Lulu Hyer market store opened in Dubai in 2000, offering everything under one roof, from groceries to electronics to customers. In th following years, the company which has about 230 malls in 22 countries worldwide, excluding the United Arab Emirates, the United States, Spain, South Africa, China, Indonesia and Malaysia, has a total workforce of over 57,000. The total value of the company is said to be Rs.56,500 Crore.
Mall at Chennai and Coimbatore
The Company has already started malls in India, Kerala and karnataka and is currently targeting Chennai and Coimbatore, the capital of Tamil Nadu. Launched in Kochi in 2013, Lulu Mall is one of the largest malls in India.
Following its launch in Tiruvanathapuram in 2021, Lulu plans to invest Rs.2000 Crore to set up a Shopping mall in Ahmadabad, Gujarat.Similarly the state of UttarPradesh plans to invest Rs. 1,000 crore to set up an international convention center, five star hotel and shopping mall in Lucknow.
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As Lulu's investments in India are largely dependent on Kerala, the company has begun to actively expand its business to Chennai, Hyderabad and Visakhapatanam, Although Lulu Mall usally has all types of stores and all types of stores, there is one important diference between this Lulu Mall and other Malls.
This Lulu Mall is a small Dubai, The highlight here is the easy availability of products available in Dubai. Apart from the shopping mall, the Lulu Group has a strong presence in the food procssing plants, wholesale and real estate sectors.