Godrej Nature’s Basket (GNB), a gourmet retail venture of the Godrej group, expects a turnover of around Rs 300 crore three years down the line as against Rs 60 crore last year.
Started in 2008, GNB is registering an annual growth rate of 60 per cent and the company is hopeful of maintaining it, according to managing director, Mohit Kattar.
GNB had soft launched its first store in the city and the 16th in the country a fortnight ago. It currently has nine stores in Mumbai, four in Delhi and one each in Bangalore and Pune.
Khattar said two more stores were in the pipeline for Delhi, while one more was being established in Pune. On the whole, the company was planning to have 40 stores across the country in the next three years. This includes additional two stores each in Bangalore and Hyderabad.
He said investment in each store would be of the order of Rs 75 lakh to Rs 1 crore and it normally takes two years to achieve break-even. Each store was expected to post a turnover of Rs 6 to Rs 8 crore.
“We will essentially be a big city player,” he said adding that the company caters to the needs of the upmarket urban consumers who comprise 4-5 per cent of the population.
The company is focusing on international food and its stores have a wide assortment of food products procured from across the globe.