Impact Retail Private Ltd, a newly incorporated company promoted by west Asian retailer Tony Jashanmal, is gearing up to grab a share in the USD13.3 billion Indian consumer electronic market by launching its first electronic store
X-cite at Hyderabad. The company is planning to set up 30 stores in the top 15 cities by the end of 2009 by investing around Rs 200 crore in India.
Announcing this, Srikant Gokhale, chief executive officer, Impact Retail, said, “By end-2009, the company is planning to open 30 exclusive X-cite consumer electronic stores in the top 15 cities in the country with an investment of around
Rs 200 crore.”
The company has a franchisee relationship with Kuwait-based Alghanion and has tie-ups with various original equipment manufacturers (OEMs) in consumer electronics retail, auto retail and manufacturing.
Gokhale said each X-cite store will comprise a carpet area of 20,000 square feet and offer 3,000 products from 150 national and international brands. It will also sell the company’s private label under the brand Wansa excluding mobiles and laptops. The store is all set to give competition to the retailers like e-zone, Jumbo Electronics, etc.
“By the end of 2008, we are looking at setting up eight stores beginning with the first one inaugurated today in Hyderabad,” said Gokhale at the press conference held to announce the opening of the store.