Express Retail plans Rs 100-cr expansion

EXPRESS Retail Services has charted a major expansion plan worth Rs 100 crore for its convenience store chain under the Big Apple brand in Delhi. Part of a diversified business group with interests in real estate and steel, the company is ramping up retail operations to take its existing 15 outlets to 100 stores by August’07.
Big Apple is engaged in retailing of products for daily needs of consumers including groceries, fruits & vegetables, FMCG etc. It is also planning to float its small format retail brand for fruits & vegetables under the Big Apple Fresh brand soon. Talking about the expansion Express Retail Services’ managing director, Munish Hemrajani, said, “We have been studying the market closely for the last two years and now we are looking at scale. The funds for the ongoing expansion is being sourced within the group internally.”
He added, “After we have opened 100 outlets we would look at bringing in funds from outside which would be used for the next phase of expansion. We have been approached by various investors but we have not taken a call on the route of fund infusion. It could be anything private equity, joint venture, IPO etc.”
The second phase of expansion would involve launching its small format retail brand Big Apple Fresh which would be taking on Mother Dairy’s Safal retail brand, which has an extensive presence in Delhi.
courtesy:economictimes
For more on Retail India visit www.retailindia.tv