The Indiabulls Megastore, formerly known as Piramyd store, at Citi Centre building, Dharampeth, has been shut down for renovation.
Sources in Indiabulls’ retail arm, which ran the store, say that it would reopen next month as a renovated and rebranded store. Sources say this was being in done in collaboration with another entity.
Opened over five years ago, this was one of the first shopping malls of the city. “Plans are under way to come up with a new store. Announcements on this would be made at later stage. A store in Pune has also been shut down temporarily for the same purpose,” added a source.
Girish Mulani, the owner of Citi Centre building which housed the shopping mall, confirmed that the new store would be coming up after changes but refused to divulge more. The store’s closing followed rumours of dispute between Indiabulls and the landlord over rent with the former pressing on shifting to a revenue sharing pattern rather than fixed rentals.
There were also reports of the store not doing well amidst general economic slowdown and they were fuelled by the store resorting to distress sale in the weeks prior to shutting down.
Sources in Indiabulls’ retail arm, which ran the store, say that it would reopen next month as a renovated and rebranded store. Sources say this was being in done in collaboration with another entity.
Opened over five years ago, this was one of the first shopping malls of the city. “Plans are under way to come up with a new store. Announcements on this would be made at later stage. A store in Pune has also been shut down temporarily for the same purpose,” added a source.
Girish Mulani, the owner of Citi Centre building which housed the shopping mall, confirmed that the new store would be coming up after changes but refused to divulge more. The store’s closing followed rumours of dispute between Indiabulls and the landlord over rent with the former pressing on shifting to a revenue sharing pattern rather than fixed rentals.
There were also reports of the store not doing well amidst general economic slowdown and they were fuelled by the store resorting to distress sale in the weeks prior to shutting down.
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