Piramyd Retail unveils Rs 500 cr expansion plan

Piramyd Retail Ltd, a part of Ashok Piramal Group, is planning to set up a Piramyd Megastore each in the country's top 25 cities with a total investment of Rs 500 crore within the next three years.

The company plans include a standalone lifestyle store in Kolkata, a megastore each in Surat, Jaipur, Chandigarh, Lucknow, Hyderabad, Bengalore, Chennai, Gurgaon, Mysore and many more tier 2 cities of the country.

While its second store in Delhi will be operational this year itself, the plan includes company's second store each in Mumbai and Ahmedabad.

However, unlike Ahmedabad, none of the new megastores will be set up on their own property and will be a part of some shopping mall.

Presently the company has seven megastores, including two in Nagpur, one each in Delhi, Mumbai, Ahmedabad and Ludhiana and of these only the Ahmedabad Megastore is set up on the company's own property.

On the company's plans Bipin Gurnani, the CEO of the company said, "Its a retail boom and we want to cash in each and every opportunity of business. We will have around 25 Piramyd Megastores within the next three years. That will need an investment of Rs. 20 crore in each store. Currently we have seven Megastores in the country."

Gurnani was in Ahmedabad on November 18 to felicitate the prize winners of Piramyd Megastore's Diwali Jackpot offer held across during October 7 to October 22 in Piramyd stores at Pune, Delhi, Ahmedabad, Nagpur and Ludhiana.

Talking about company's forthcoming lifestyle megastore in Surat and the second megastore in Ahmedabad he said, "We have signed up both the properties in Surat and Ahmedabad. Both the stores, much like company's other stores will occupy around 50,000 sq ft of place and Rs 16-20 crore investment will go into each of these stores. We have signed property in a shopping mall called Dev arch in Ahmedabad and in Surat our store will come up at Ghod-dod Road."

On the company's growth and target growth Gurnani said that last year the company had registered a turnover of Rs 110 crore and the company targets to double it in the next three years.

During the felicitation function Gurnani handed over the cheque of Rs 15 lakh to the jackpot winner Vishal Shukla from Ahmedabad. Other winners, Amit Pathak, G R Patel and Shagun Sutaria, were also felicitated by Gurnani with Diamond Jewellery worth Rs one lakh each.