Saturday, December 29, 2007

Landmark Kemp Fort to go, give way to mall

Landmark Kemp Fort to go, give way to mall
Shalini Sengupta | TNN

Bangalore: Kemp Fort, the landmark store on Airport Road, will not be around after a fortnight. Jubilant Retail, the retail arm of the Rs 4,600-crore Jubilant Group, has taken up the 2-lakh-sq-foot Kemp Fort property on a 20-year lease. Jubilant will pay around Rs 1.5 crore a month.
Kemp Group chairman Ravi Melwani confirmed the development to TOI: “The terms and conditions are still being worked. It’s going to be a win-win deal.’’
The Kids Kemp store on M G Road will continue to operate. “Only the Kemp Fort facility has been leased out, and not the property behind that. The building will not be demolished. The Jubilant Group is going to start a mall on the lines of Garuda and Forum,’’ said Melwani.
Reliance Retail was also in talks with Melwani for a buyout. Melwani didn’t want to sell it, but was willing to lease it out for Rs 100 per square foot, said sources. The store has offered a 50% discount to clear stocks. Kemp Fort was started around 20 years ago. It soon became a craze among kids and parents alike. For any visitor to Bangalore, a visit to the store was a must.
Jubilant Retail, on a massive South roll-out, has allotted close to Rs 2,500 crore for the next five years.


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