Subhiksha aims 1000 stores by 2007
Retail chain Subhiksha on Tuesday said it is investing Rs 500 crore to expand its network to 1000 stores by 2007.
By PTI |
MUMBAI: Retail chain Subhiksha on Tuesday said it is investing Rs 500 crore to expand its network to 1000 stores by 2007.
"We are targeting a 1,000-strong retail network by end-2007. We are looking at providing customers across the country with a viable smart shopping option," R Subramaniam, Managing Director, Subhiksha Trading Services, said today.
The company is also targeting a turnover of Rs 3,500 crore by that period.
It has already raised Rs 80 crore through rights issue. The proceeds of the rights issue alongwith debt and internal accruals will fund the expansion plans, he said.
Outlining his plans for Maharashtra, Subramaniam said, his company planned to open 180 stores across eight cities in the state. "Of these, 100 would be in Mumbai alone."
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Of the 100 stores in Mumbai, 80 are expected to be operational by mid-January.The rapidly-growing retail chain has already crossed the 450-store mark across five states and presently has over one million square feet of retail space.
Today's announcement marks the final leg of Phase I of Subhiksha's expansion plan across India.
"With the implementation of our expansion in Maharashtra, we will complete our 600-store target. We will shortly activate Phase II of our expansion plans by foraying into the north and east," he said. Phase II involves Rs 200-crore investment in opening 400 stores.
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