The Hindu Business Line : Aditya Birla Retail to roll out 80 'More...' stores in FY10

MUMBAI: Buoyed by 110 per cent growth in fiscal 2009, Aditya Birla Retail chain 'More...' plans to roll out 80 stores this year, but may wind up 10-20 existing outlets as part of clean-up operation.

“We want to take our network of stores 720-730. So we will open 80 stores... we may close another 10-20,” Aditya Birla Retail (ABRL) Chief Executive Officer Mr Thomas Varghese said.

The company operates just two hypermarkets at Mysore and Baroda and will set up six to eight stores in the format by end-March. “This fiscal, we are focussing on hypermarkets. We are definitely looking at six to eight hypermarkets,” he said.

ABRL is eyeing a sales turnover of about Rs 1,600-1,700 crore in FY10, a 45 per cent jump in growth compared with the previous fiscal. “We grew by more than 110 per cent last year. We may not be able to keep up that scorching pace, but we'll grow by abou t 40-45 per cent this year,” Mr Varghese said. Sales turnover for FY09 was close to Rs 1,150 crore.

With the acquisition of south-based Trinethra in early 2007, Aditya Birla Retail created a network of 710 stores in 20 months, of which it shut 76 in the last six months. - PTI

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