India’ leading basmati rice processing company REI Agro’s retail venture 6Ten has planned to invest Rs 15 billion to open 3, 500 stores in next three years across the country, said a top company official.
Speaking to media, Danish Beg, chief financial officer, REI Agro, said, “Presently, we have 473 stores and we would close the fiscal with 700 stores.”
“Targeting a turnover of Rs 4.5 billion in the first half of 2009, we would concentrate in west and north India, moving to south gradually,” added Beg.
The 3,500 stores will spread across 32,80,000 square feet of space as 6Ten stores are small-sized, housed primarily in residential colonies, with average store space ranging between 300-2,500 square feet.
“Our strategy is to locate our stores in populated middle class areas,” concluded Beg.
— IndiaRetailing Bureau