Micky Jagtiani plans to open 25 Spar hyper stores
Micky Jagtiani-owned Max Hypermarkets, which operates Spar-branded superstores, plans to expand its presence to new geographies and open 25 hypermarkets by 2012. This will result in a 10-fold increase
March 08, 2010 | comments ( 0 ) |
Micky Jagtiani-owned Max Hypermarkets, which operates Spar-branded superstores, plans to expand its presence to new geographies and open 25 hypermarkets by 2012. This will result in a 10-fold increase in the company’s retail space—from 120,000 sq ft currently to 1.2 million sq ft.
Managing director Viney Singh said the company is expecting revenues to rise proportionately, from Rs 150 crore currently, to Rs 1,250 crore by 2012.
The company, currently, operates three large-format stores—two in Bangalore and one in Hyderabad—and is set to open its flagship property, a 90,000 sq ft store, in Bangalore next week.
Mr Jagtiani, who controls the Landmark Group, one of West Asia’s largest retail chains, owns fashion retail chain LifeStyle and Max Hypermarkets in India. Max is the licencee for the Spar franchise in India. A Dutch brand, Spar International, is one of the world’s largest retailer of food, with presence in over 33 countries.
“We will now open 6-7 stores each year through 2012. These are all large-format stores with an average size of 50,000 sq ft,” Mr Singh said.
Singh said the company is investing Rs 400 crore, of which, about Rs 250 crore will be equity and the rest debt, to fund the expansion.
- ShopClues launches its first offline store in Lucknow
- Crocs opens its 100th store in India
- Williams-Sonoma, Inc. announces partnership with Reliance Brands for India Market
- Instant noodle brand YiPPee crosses Rs 1,000 crore sales mark
- Myntra CEO & CFO quit
- Levi Strauss plans to launch IPO
- Coffee Day Enterprises profit up by 60% in Q2 results
- Ecommerce to contribute 11% of FMCG sales by 2030: Nielsen
- Perpule Raises $4.7 million in Series A to Fuel Omni-Channel Retail & Consumer Commerce in India
- Kellogg plans to reorganize cookies and fruit snacks category