Financial Daily from THE HINDU group of publications
Tuesday, Apr 25, 2006
Financial Daily from THE HINDU group of publications Tuesday, Apr 25, 2006 |
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Marketing
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Retailing Retail chain Twenty Four Seven to expand Dharini Nagarajan
New Delhi , April 24 KK Modi Group's convenience retail store, Twenty Four Seven, is in an expansion mode. The Group hopes to open 20 stores this year in the Delhi-NCR region. "We would be investing around Rs 40 to 50 crore in the expansion, this year," Mr Samir Modi, President of Twenty Four Seven Retail Stores Private Ltd, said. The Group is also eyeing the Mumbai market for further expansion. According to Mr Modi, the company's first store witnesses a footfall of 1,500 and sales of approximately Rs 1 lakh every day. Mr Modi believes that retailing provides for an immense opportunity to grow. "In the next two to three years' time, I expect the concept to grow to a Rs 300-400 crore business." Currently, each store takes around six to eight months to break even. However, overall, it would take another three years for the business to break even. In order to brand the convenience store into a "modern provision store", the company has adopted below-the-line marketing activities. "Though we haven't earmarked any specific amount for marketing spends, we are in talks with certain radio channels to air our advertisements," Mr Modi said. The company would largely rely on localised marketing activities such as leaflets distribution and word-of-mouth to gain popularity.
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