German retailer Metro Cash & Carry has announced its plans to open 8-10 stores in the country every year for the next four years at an investment of around Rs 2,400 crore. "I think the time for expansion has come. We will open 8-10 stores a year for the next four years in the larger towns with a population of more than a million people," said Rajeev Bakshi, MD, Metro Cash & Carry. He added, "We normally invest about Rs 60 crore on our stores, and in Mumbai it is even higher."
On the expansion plan, he said that the firm will open a store in Jalandhar in December and another in Delhi in January. The company would open another store in February, but did not disclose the location. The firm has recently opened its eighth wholesale distribution centre in India at Borivali in Mumbai, built at an investment of Rs 60-70 crore. Asked if the company will get into business to consumer space, he said, "Our core business is cash and carry. Internationally, our focus has been on cash and carry. We think in India cash and carry is a bigger opportunity. So, in the short-term, we are not interested in getting into B2C segment."