Financial Daily from THE HINDU group of publications
Monday, Jul 25, 2005
Financial Daily from THE HINDU group of publications Monday, Jul 25, 2005 |
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Marketing
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Retailing Piramyd Retail draws plans for expansion Our Bureau
Pune , July 24 RETAIL company Piramyd Retail Ltd, part of the Piramal group, has firmed up plans to become one of the top three large format retailers in the country by 2010. The company has chalked out plans to invest over Rs 170 crore over the next two years to aggressively grow its departmental stores brand, to reach the level of 1.75 million sq ft of operations in this period, according to Mr Krish Iyer, Managing Director and CEO, Piramyd Retail. "We plan to grow from the level of four Piramyd Megastores and six Trumarts to reach 22 megastores and 128 Trumart level by 2010 to reach a turnover of Rs 2,400 crore,'' Mr Iyer said. The company's turnover will go up from last year's Rs 69 crore to Rs 220 crore by the end of this fiscal. "We intend to pump in Rs 60-70 crore into our retail ventures every year after the initial Rs 170 crore," Mr Iyer said. Industry sources maintain the company is soon to announce its IPO, which is reliably learnt to be between Rs 150-200 crore. While Piramyd Megastore is in the business of merchandise in menswear, ladies fashion, unisex casuals, kids apparel and toys, accessories, perfumes among other things, the TruMart chain is positioned as the neighbourhood store offering merchandise for the home at genuine prices backed with affordability. The company has launched its fourth TruMart oulet in Pune, its seventh in the country and said it is poised to expand exponentially in the city which is developing into a major retail hub. "We have got tremendous response for our three operational TruMart stores in Pune. Pune's cosmopolitan culture and quality lifestyle is a perfect fit for our chain of supermarkets," Mr Bipin Gurnani, Chief Operating Officer, Piramyd Retail, said. "We plan to put up at least 40 large format TruMart and its smaller format Tru|Mart Daily in Pune in the next year and at least 75-100 in Mumbai," Mr Iyer said. He added that while the industry is heading towards the hypermarket business, his company will focus on supermarkets where margins are better and competition virtually non-existent.
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