Mx Food Ventures, as part of company’s pan-India expansion plan, will open 115 Mx Corn stores and 72 Mx Chaat Street outlets across the country by the end of current fiscal, said a top company official. Further, the Delhi-based food retailer will also partner with franchisees for the expansion.
The company will invest around Rs 100 million for this expansion and targets revenue of around Rs 250 million and Rs 80 million from Mx Corn and Mx Chaat Street stores respectively, said Kanish Saigal, assistant manager — business development — Mx Food Ventures .
Speaking to Indiaretailing, Saigal said, “Our products cater to both the masses and the classes and we will open stores in all the high streets, BPO’s, cinemas and malls.”
The Mx Corn store retails sweet corns and popcorns whereas Mx Chaat Street sells the whole range of chaat. The average size of the store for Mx Corn is around 30-35 square feet and for Mx Chaat Street, it is around 75-100 square feet for the big format store and 20-36 square feet for the small format.
Currently, the company operates 74 Mx Corn and 22 Mx Chaat Street stores.
—Sarimul Islam Choudhury