Subhiksha targets Rs 3,000 cr biz in FY08

Subhiksha, the Chennai-based food, grocery and pharmacy discount retail chain is planning to open 9 retail stores in Nashik, out of which three have already been made operational.

"Subhiksha, which presently has 700 retail stores across the country, is planning to open 300 new retail stores at an investment of Rs 150 crore, within the next two or three months. Of which, 100 will be opened in Maharashtra, while the rest of the retail stores will be opened in South and North India," a company official told Business Standard.

Meanwhile, Subhiksha has registered 53.84 per cent growth in the FY 2006-07, as compared to the previous fiscal. In the FY 2006-07, Subhiksha has registered Rs 1,000 crore sales turnover. Subhiksha is eyeing Rs 3,000 crore sales turnover in FY 2007-08.

Till date, Subhiksha has 100 stores in Maharashtra, of which 75 are in Mumbai, 15 in Pune, 3 in Nashik and 6 in Aurangabad.

Out of 300 retail stores to be opened by Subhiksha this year, 35 will be in Mumbai, 20 each in Pune & Nagpur, 6 in Nashik and 5 each in Aurangabad, Sangli, Kolhapur and Solapur.

Subhiksha has just opened 3 retail stores at Indira Nagar, Canada Cornal and Trimurti Chowk areas of Nashik. It is planning to open 6 more retail stores in the next two or three months at Gangapur Road, Panchavati, Jail Road, Shivaji Chowk, Kathe Lane (Dwarka) and Satpur areas of Nashik. Subhiksha sells nearly 4,000 items including fast moving consumer goods (FMCGs), pharma, fruits, vegetables and mobile accessories.