Godrej Nature’s Basket has recently launched its third outlet in Delhi. Located at the GK-I market, the store is spread across an area of around 2,300 sq.ft with a carpet area of around 1,800 sq.ft. In Delhi, Nature’s Basket also has stores at Defence Colony and the GK-II market.
“Our proposition of success has been our focused approach and commitment in catering to the refined needs of our target audience, who are upmarket urban consumers,” said Mohit Khattar, MD, Godrej Nature’s Basket (GNB).
“It is due to our focused approach that even during the slowdown, when many retailers failed to survive, we marked a growth rate of over 50 percent; in the first six months of this fiscal, we have grown at 80 percent. With this pace of growth, we expect to touch gross sales of Rs.60 crore by the end of the fiscal,” he added.
With the opening of the third outlet in Delhi, Godrej Nature’s Basket has now morphed into a chain of eleven stores in the country – eight in Mumbai and three in Delhi– covering a retail space of 21,800 sq.ft.
Going ahead with the expansion plans, the company will launch its next GNB outlet in Gurgaon and simultaneously in Mumbai’s Juhu area. The retailer also plans to launch a store in Pune in this calender year. “After Pune, we plan to foray in the southern part of the country by opening a store in Bangalore, which will happen by early next fiscal. Over the next two years, by 2012, we plan to operate a gourmet store chain of about 25-30 stores,” Khattar said.
Sharing details on the investment, Khattar said, “We are investing close to Rs.70-75 lakh per store.” The group also plans to introduce a customer loyalty programme soon.
– Juhi Sharma