Japanese Furniture Brand Nitori Opens Second India Store at Mumbai’s Sky City Mall, Pays ₹20 Lakh Monthly Rent
Nitori India has leased 5,371 sq ft at Sky City Mall in Borivali, Mumbai, under a five-year agreement, expanding its presence in India’s home furnishing market.
- Nitori’s second Indian store is located at Sky City Mall, Borivali, Mumbai.
- The retailer has agreed to pay ₹20 lakh per month for approximately 5,371 sq ft of space.
- The five-year lease includes a 15% rent increase after the first three years.
Japanese furniture and home furnishing retailer Nitori has opened its second store in India at Sky City Mall in Borivali, Mumbai. The development was confirmed in a joint statement issued by Nitori India and Oberoi Realty on October 15, 2026. The retailer has leased approximately 5,371 sq ft of retail space at a monthly rent of ₹20 lakh, according to property registration documents accessed through Propstack.
The five-year lease was signed with Incline Realty Private Limited, associated with Oberoi Realty, for four units on the mall’s lower ground floor. The agreement commenced on July 2, 2026, and was registered on July 15, 2026. The monthly rental translates to approximately ₹372 per sq ft, reflecting the cost of securing retail space in a major Mumbai shopping destination.
The agreement covers a total lease period of 60 months, with a planned increase in rental payments after the initial three years. Under the terms, the monthly rent will rise by 15%, from ₹20 lakh to ₹23 lakh, for the remaining 24 months.
The security deposit is set at ₹2.40 crore for the first 36 months and will increase to ₹2.76 crore for the final two years. These terms outline the financial commitment involved in Nitori’s expansion into the Mumbai retail market.
The company’s first Indian store opened at R City Mall approximately a year earlier. The new location marks another step in its efforts to establish its home furnishing business in the country.
Toshiyuki Shirai, COO, Representative Director and President of Nitori, said India is an important market for the company and highlighted its potential for further growth. He noted that Nitori aims to bring its approach to furniture and home furnishings to more Indian consumers, with an emphasis on design, functionality and value.
Tanu Prasad, CEO – Malls at Oberoi Realty, welcomed the retailer to Sky City Mall. She said Nitori’s Japanese design approach, functional products and accessible pricing would add a new dimension to the mall’s home and lifestyle offerings. She also highlighted the timing of the store’s arrival ahead of the festive season, when consumers often look for new ideas and products to refresh their homes.
Nitori’s second store signals continued interest from international home furnishing brands in India’s organised retail market. Mumbai, with its large consumer base and established shopping destinations, provides an opportunity for overseas retailers to introduce their products to Indian households.
The store also adds to Sky City Mall’s mix of international brands. Its presence could give consumers greater access to Japanese-inspired furniture, home décor and household essentials while strengthening the mall’s home and lifestyle retail segment.
For retailers, however, the long-term success of such expansion will depend on consumer response, store performance and the ability to offer products that match local preferences and spending patterns.
Nitori is not the only international retailer to secure space at the Borivali mall. Earlier in 2026, Italian fashion brand OVS leased more than 11,000 sq ft of retail space at Sky City Mall under a five-year arrangement.
According to property registration documents accessed through Propstack, the OVS agreement provides for rent of approximately ₹28 crore over five years or 10% of the store’s revenue, whichever is higher.
The addition of Nitori and OVS highlights Sky City Mall’s efforts to bring international retail brands to Mumbai’s suburban market. Further leasing activity and store performance will help determine how this mix of global brands contributes to the mall’s long-term retail growth.
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