The retail venture of Tata Group, named the Infiniti Retail has stated that it is thinking of making an investment of around Rs 800-crore for its consumer electronics and durables stores named Croma by the year of 2010. One of the top officials from the company has informed that the investment is being made for having a number of 100 Croma stores in India by that time.
In the words of the CEO and Managing Director of Infiniti Retail, Mr. Ajit Joshi, "We plan to invest around Rs 800-crore by 2010. Our plan to have around 100 stores by then". He has recently lunched the 17th Croma store of the company in Mumbai on Monday and further said, "Presently, we have 17 stores and have invested around Rs 150 crore". He added that the company is also planning to have a minimum of 20 stores before the month of March ends.
Mr. Joshi was also expressing his concern over the non-availability of proper locations in downtown areas and also over the prevailing high real estate prices, and said that the Croma stores are likely to come up with a smaller format in the future. To quote him, "We are keeping our options open but have not yet decided on the name as it cannot be called Croma mega stores". The industry sources informed that usually a large Croma store is situated on a land of around 12,000 sq ft to 18,000 sq ft. Mr. Joshi further said, "We also plan to foray into new markets such as Chennai, Hyderabad and Kolkata". He said that the company is opening its first store in the city of Kolkata within the month of October and its first stores in the cities of Hyderabad and Chennai will be coming by the next financial year.
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| Posted : 3/18/2008 |
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