Arvind Brands owned Megmart is cutting down on the number of large format stores the company will own by 2010 – earlier estimated to be 30 is now reduced to 20. Company sources said that delayed project completion by realtors is a reason for their growth plans slowing down. The company had planned 4 to 5 centres every year, but is now restricting to just 2 – one each in Faridabad (NCR) and Bangalore.
Mr. J. Suresh, CEO Brands & Retail said,
In the first quarter this year, there will be no large format store except for the spillover from this year. Post-March, we have to be watchful. Onei s not able to clearly predict what is going to happen.
The company however is planning to stick to its expansion plans of small format Megamart stores. hey expect to have 25 new small format Megamart stores [2,500 sft] by the end of first quarter. The company currently has 125 such stores.
Arvind brands has already invested Rs 250 cr out of the Rs 400 c earmarked for Megmart retail initiative. Do let us know your shopping experience at Megamart.