In a giant circulate that underscores its growth objectives, Metro Brands Ltd, certainly one of India's leading footwear outlets, has taken a monumental step by leasing a record-breaking 325,000 square feet of warehousing space in Bhiwandi, near Mumbai. This new facility, tailored to meet the organisation's particular desires, marks the largest warehousing rent ever secured by an Indian shoe store.
The five-year hire was negotiated without delay with R.K. Builders and led by the pro developer Randhir P. Mhatre. Known for its robust infrastructure initiatives, R.K. Builders has again verified its functionality to supply pinnacle-tier warehousing answers. The Bhiwandi facility is part of Metro Brands' strategic plan to scale its operations in reaction to the growing demand for its products.
As of September 2023, Metro Brands operates 826 shops across 192 cities in 31 states and Union Territories in India. The organisation has multiplied its portfolio by partnering with Foot Locker, a primarily U.S.-based shoe store, solidifying its role in the marketplace.
Kaushal Parekh, CFO of Metro Brands Ltd, emphasised the importance of this growth. "This strategic increase aligns with our vision for aggressive growth and complements our operational competencies, allowing us to serve our customers higher," Parekh said.
Colliers India, a leading real estate corporation, facilitated the lease deal. Commenting on the transaction, Vijaya Ganesh, Managing Director of Industrial & Logistics Services at Colliers India, noted the retail marketplace's resurgence and the warehousing quarter's improvements.
R.K. Builders has a sturdy record, having developed over 7.5 million square feet of warehousing space, with an extra 2.5 million rectangular feet of Grade-A warehousing currently under construction. This latest mission in Bhiwandi provides a spectacular portfolio.
India's business and warehousing quarter has seen a surge in leasing hobby. Colliers India reported 25 million rectangular ft of gross absorption in 2023, a 2% boom from the preceding 12 months. Bhiwandi has emerged as a high vicinity for warehousing because of its strategic vicinity, excessive apartment quotes, and proximity to key city regions in Thane and Mumbai.
With this landmark lease, Randhir P. Mhatre and R.K. Builders have once more established their pivotal role in helping the boom of India's retail and logistics sectors. www.rkbuildersgroup.com