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August 30, 2001
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Money > Business Headlines > Report August 30, 2001 |
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Trent to open 100 grocery stores, invest Rs 400 mnBS Corporate Bureau Trent Ltd, owner of the Westside brand of retail stores, has firmed up plans to invest Rs 400 million to launch 100 food and grocery stores in northern and western India during the next financial year. Plans are also under way for introducing specialty stores (exclusive men or women stores) within the next few years once the company has about 20 Westside stores under its umbrella. "We plan to set up about 100 food and grocery stores during the next financial year with an investment of about Rs 400 million. We would also be adding 8-10 new Westside storse within the next two years," Trent Ltd chairperson Simone Tata said in New Delhi. The company's board has already cleared the proposal. The outlets would be launched under a separate brand name, which would be finalised by the year-end. Simone Tata said, on an average, each new Westside store would require an additional investment of about Rs 20-30 million. "These stores would be added across the metros because we feel there is a huge market available waiting to be tapped." The company has also introduced a designer range in its retail stores. It has already tied-up with five fashion designers including Anita Dongre, Monisha Bajaj, Monapali and Wendell Rodricks. Tata Sons has 25 per cent stake in Trent Ltd and the rest is with the public. When asked about any prospective changes in the stake holding pattern of the company, she said the Tatas would not dilute their stake any further because the company is cash-rich. She, however, said Tata Sons can increase its equity but 'at present, nothing is final.' The company has already invested Rs 530 million in its operations and clocked a retailing turnover of Rs 430 million last year. Tata expects to clock a turnover of Rs 500 million this year. The company spends an average of 8-10 per cent of the turnover on advertising and promotions. On organised retailing in India, Tata said the trend is fast catching up in India and is growing at a healthy pace of 15-20 per cent. Powered by YOU MAY ALSO WANT TO READ:
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