Big Apple to invest Rs 45 cr on stores in Delhi, NCR
Grocery retailer Big Apple Friday said it will invest Rs 45 crore to more than double its stores in Delhi and NCR as part of its plan to have a pan-India presence by 2008-09.business Updated: Jun 29, 2007 16:22 IST
Grocery retailer Big Apple Friday said it will invest Rs 45 crore to more than double its stores in Delhi and NCR as part of its plan to have a pan-India presence by 2008-09.
"We would invest Rs 45 crore to set up 65 new stores in Delhi and NCR to take up the total number to 100, which would be further increased to 140 by the end of this fiscal," Big Apple Managing Director Munish Hemrajani told PTI on the sidelines of a retail conference in New Delhi.
He said that the company would primarily expand its presence in Delhi and NCR in 2007-08 and would diversify to other locations in the next fiscal.
As a part of the plans, the company will set up stores in Karnataka and Gujarat in the next fiscal.
"Initially, we will tap Gujarat and Karnataka and would take a call on where to expand based on our experience in these two states," Hemrajani said.
The company is planning to open around 200 stores in Gujarat while another 50 in Karnataka, he added.
"While our stores in Karnataka will be primarily restricted to Bangalore, in Gujarat the company would spread its outlets to various location," the managing director said.
He said the company currently earns an annual turnover of Rs 2.5-3 crore and expects to break-even in the next three months with 100 stores operational.
Big Apple is also planning to raise funds through private placements for the expansion, Hemrajani said, but did not disclose further details on the same.