KK Modi group bows in to retail business, to open “Twenty Four Seven Retail Stores”
06 Jun '05
2 min read
K K Modi Group having interests in sugar, rubber, steel & computer industries announced Friday plans to open 300 convenience stores (24X7) in the country during the next five years with a planned investment of Rs 500 crore.
The said stores are expected to peg up the annual revenues at Rs 1,000 crore each year by 2010.
Samir Modi, President of 'Twenty Four Seven Retail Stores' Pvt Ltd said, “We plan to open 10 convenience stores by the end of 2005, 50 stores in Delhi and NCR by 2006 and 300 stores by 2010,”
About 300 franchise stores incurring about worth investment would be set up by 2010, Modi said without divulging further details.
Open 24 hours each 'Twenty Four Seven' would have a shopping area of 1100 square feet and sell about 3500 FMCG products, 3500 prescription drugs and about 300 Modi group labels.
Commenting on whether he favoured FDI in retail, Modi said, “We are open to roping in a foreign partner but there is no such proposal at present.”
He opined that margins would as MNCs enter markets, which work at about 30-35 per cent vis-à-vis domestic retailers that operate at 7-10 percent margins.
He said that entry of MNCs in the retail sector bodes well for domestic retailers as well.
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