Pantaloon India plans expansion

Hyderabad, Nov 7 | Updated: Nov 8 2004, 06:23am hrs
In a major expansion plan, retail major, Pantaloon Retail (India) Limited has drawn up a slew of initiatives including setting up of 15 seamless malls, 15 more Pantaloon stores, nine more Big Bazaars and more Food Bazaars across the country in the next two years.

With the new stores in all segments in the next few months coupled with an overwhelming response to its retail business across the country, the company is targeting to almost double its turnover from Rs 650 crore as on June 2004, to Rs 1,200 crore by June 2005.

Addressing the media on the occasion of launch of its largest seamless mall in the country - Hyderabad Central, Rakesh Biyani, director, Pantaloon Retail (India) Limited, said the company is bullish over its retail business. We are targeting a turnover of Rs 1,200 crore by June 2005 as against Rs 650 crore in June 2004, he said.

We are setting up 12 to 15 seamless malls with an area of 150,000 sq ft across the country in the next two years, Mr Biyani said. Each mall will have an investment ranging between Rs 35 crore and Rs 150 crore he said, adding that two more malls are coming up in Pune and Gurgaon during the first half of 2005.