The company is looking at setting up 4-5 cash-n-carry outlets for the financial year 2008-09.
"The initial reason why we got into retail was to tap the wholesale retail market through cash-n-carry stores. We plan to start with Ahmedabad and go on to other cities," said Satish Veerappa, GM-Sales for Indiabulls Retail. After they are launched, cash-n-carry stores are expected to form about 25 per cent of the company's total revenues.
Veerappa said that nearly 20 per cent of its total business from retail comes from Gujarat and close to 20 per cent of its investment for this financial year would also be earmarked for the state. The company had recently announced its plans to invest around Rs 1,000 cr in its retail business.
The company will expand its presence to Surat and Vadodara for its lifestyle stories. "Retail has been expanding at a brisk pace in Gujarat and we would want to be at the forefront of this wave, " said Ikroop Singh Kehal, CEO, Indiabulls Retail.
The company has launched its second megastore in Ahmedabad at Devarc mall. The store would offer different ranges in apparels, accessories, fragrances, cosmetics, footwear, home furnishing and decor products. In the next one year, the company plans to increase its megastore format to 35 from the current 9 stores nationally. It will take its supermart format to 100 stores and wholesale stores to 25 across the country.