HomeCare Retail Marts Pvt. Ltd (HomeCare) plans to invest Rs 300 crore over the next three years to set up more Magnet and other branded stores across the country. “We aim to set up more than 200 new stores of varying sizes across India over the next three years,” informed Ashok Maheswari, MD, HomeCare Retail.
Magnet is a national retail brand running large-format stores covering 60,000 square feet area.
The company now plans to set up supercentres, hypermarkets, supermarkets and speciality chain stores with a fully integrated supply chain, which will include captive organic food farms.
With existing operations in Mumbai and Pune, these stores will expand to Ahmedabad and Bangalore – following the hub-and-spoke model – before the yearend, and thereafter, across other metro and mini-metro cities.
In its bid to support the expansion plans, the company has selected Oracle Retail applications to help it roll out a dynamic, standardised and integrated IT infrastructure for attaining greater efficiencies.