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Globally, big format stores and convenience shops have co-existed and there is no reason why this cannot be replicated in India, said Mr Viney Singh, Managing Director, Max Hypermarket India Pvt Ltd, Bangalore.
Speaking to Business Line in Coimbatore on Friday, on the sidelines of the opening of the first SPAR Hypermarket store in Tamil Nadu, he said the retail business in India has been registering a robust growth and when FDI is permitted in retail, the growth would be ‘much faster'.
Mr Singh also said the company, which has nine stores now, would expand to 30 stores by 2013 with a revenue target of Rs 700 crore.
Commenting on the perception that allowing FDI in retail would lead to ouster of kirana stores or neighbourhood stores from the retail space, he said: “I don't share that perception as all efficient retail shops do very good business.”
Earlier, speaking to newsmen, he said his company chose to open its first store in Tamil Nadu at Coimbatore as the city had good infrastructure, was industrially developed and because of its good client potential.
Mr David Michael Moore, Retail Development Manager, SPAR International, Amsterdam, said SPAR Hypermarket, which was an off-shoot of a licence agreement between Dubai-based Landmark Group's Max Hypermarket India Pvt Ltd and SPAR International, has planned to take the number of stores from nine to 14 by the end of fiscal.
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