With 10 operational stores at present, Cartridge World plans to expand its reach to another 25 stores across India by December 2007.
Talking about their expansion, Naveen Rakhecha, CEO, Cartridge World India, told Indiaretailing, “In this financial year, we plan to set up 50 stores and 250 by 2010.” Talking about investments required for new store openings, Rakhecha said, “All our stores are owned and operated by franchisees. On an average, a store requires an initial investment of Rs 18-20 lakh for getting operational; hence, we are looking at an initial set-up investment of Rs 8 crore by the end of this financial year.”
To support their expansion plans, the company has inked a nationwide tie-up with State Bank of India (SBI) for project financing. Rakhecha said, “SBI is offering very attractive terms to franchisees setting up Cartridge World stores across India.”
The company recently opened their store in Nagpur. Talking about their reach in tier II cities, Rakhecha explained, “Tier II cities have clearly emerged as destinations for retail, and offer huge opportunities and potential for growth. Advancements in information technology over the past decade have compelled businesses to be dependent on computers and printers. Most businesses, educational institutes and even residential houses in tier II cities now own printers, and we are here to meet the value-for-money need of these customers and at the same time, give superior quality and world-class service.”
– Zainab Morbiwala, Mumbai Bureau