The Hindu Business Line : Pantaloon to invest Rs 1,000 cr in Kerala

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Kochi Feb. 23 Pantaloon Retail India Ltd, which runs multiple retail formats in the country, is to invest close to Rs 1,000 crore in Kerala within one year to set up a chain of retail stores in various parts of the State.

Plans are afoot to open 12 Big Bazaar stores in nine cities in the State within the next 12 months. Pantaloon Retail had already opened a Big Bazaar store in Palakkad recently, Mr Atul Takle, Head (Corporate Communications) said at a press meet here on Friday. It is also looking at sourcing products from local manufacturers and farms to exclusively cater to the Kerala market, he said.

It had already started discussions with educational institutions in the State in developing a curriculum for retail management considering the boom in the retail segment in the country.

Besides, the company Kshitij in association with Kerala-based Peevees Group is developing a mall of more than four lakh sq.ft. in Kochi at an investment of Rs 180 crore, he said.

Speaking on the occasion, Mr Rohit Melhotra, Chief Operating Officer said that Pantaloon Retail currently operates 160 stores in more than four million sq.ft. retail space in 35 cities. This would be enhanced to 30 million sq.ft. in 90 cities by 2010.

The total revenue for the year 2005-06 is to the tune of Rs 2,018 crore of which Rs 750 crore has been realised from south India. It has projected Rs 4,000 crore for this current fiscal of which Rs 1,500 crore would be achieved from south India, he added.

The total size of the retail industry in India is approximately $300 billion and modern retail formats have a share of between four and six per cent.

There is a huge opportunity for the retail business both traditional and modern and this would grow significantly across the cities and towns, offering choice to consumers, he said.