HyperCITY, which launched its first store in Malad, Mumbai, now has 17 stores across Hyderabad, Bengaluru, Bhopal, Amritsar, Pune, Ahmedabad, Vadodara, Karnataka and Jaipur. The new store will be company’s 18th and North India’s third store in the country.
In an interview with Indiaretailing earlier this year, Vipin Bhandari, CEO, HyperCITY Retail (India) Ltd has shared the company’s plans to expand its retail base in the NCR region. “Retail is one of the most dynamic and fast paced industries in India. HyperCITY is looking to be PBIT (Profit Before Interest & Tax) positive in the current year with our extensive expansion plans,” Bhandari said then.
“Overall, the investment to expand the store network in new regions would cost Rs 25–30 crores approximately, to ensure a positive turnout,” he added.
The chain’s stores offer some 44,000 distinct products sourced from both local and global markets in an international shopping ambience that rivals the best in the world. More than 17 lakh customers visit HyperCITY stores every month. In 2013-2014, the company’s retail turnover gerw by 6.81% to reach 903.9 crore in 2014-2015 from 846.2 crore in 2013-2014. However, the same store sales growth decreased by 5%.
In the nine-month period from April to December in 2014, the retailer averaged sales per sq ft of Rs5,770, with total sales in calendar year 2014 touching Rs 70,272 lakh through a total of 58 lakh transactions.
In addition to the expansion plans, the company has tied up with major e-tailers to ride on the online dominance of these players and build an additional business for HyperCITY.
The chain has entered into strategic alliances with Snapdeal, Flipkart, Amazon and Jabong to sell Hypercity’s products on these marketplaces. Additionally, it has also tied up with hyperlocal e-grocers like ZopNow, Grofers and PepperTap for grocery deliveries.