The Future Group will invest Rs 600 crore over 18 months to open 60-odd Big Bazaar stores with a floor space between 40,000 sq ft and 60,000 sq ft, said Rakesh Biyani, director and CEO, Retail, Future Group at the launch of new 70,000-sq ft family store format Big Bazaar at Express avenue in Chennai.

?Funding for the expansion will be done mostly through internal accruals. The retail group will continue to grow at 30-35%,? he said.

Responding to questions on the inordinate check out time at Big Bazaar, Rakesh said introduction of new technology systems has considerably reduced the checkout time in some select stores.

?We were able to reduce a record 150% on the cash out time in about 40 stores with help of technology in cash counter management and will be successively rolling out the similar systems in the all the 132 Big Bazaars in the country,? he added.

To manage the high volume of footfalls, he said in big format outlets like the family store at Chennai, 26 cash counters with touch screens and multiple scanners had been installed.

Biyani also spoke on the completion of the merger of the subsidiary company, Home Solutions Retail India Ltd (HSRIL) that administers the consumer retail electronics chain stores, e-zone.

?As shareholders have given their nod to the merger of HSRIL with Pantaloon retail, the merger processes will be completed at the earliest. The consolidation is to integrate the supply chain and the back-end process. The home business segment has grown slowly in the last 12 to 14 months. To ride the rebound, we plan to open 73 e-zone stores, starting initially with 21 stores and add 12 to 15 stores in the successive phases of expansion.?

Sadhashiv Nayak, CEO, Big Bazaar, said: ?Chennai is among the fastest-growing cities in India today. To keep up with the growing needs of the people of Chennai, we felt the need of a modern savings destination. This new store is going to cater to all their shopping needs and surprise them not only with the range, but with the best prices too. Our objective is to provide value for money for each product bought at our store.?

M Venkateshwar Kumar, business head, south, Big Bazaar, said the retail major has around 33 stores in South India, of the total 132. ?Major cities, Bangalore, Chennai and Hyderabad alone have about 10, 4 and 6 stores respectively,? he said.