Vishal Retails to open 15 new outlets

New Delhi-based Vishal Retails Ltd, a chain of Vishal Megamart retail outlets, is planning to open 15 new retail outlets in the western part of the country at an investment of Rs 100-115 crore by March 2007.

The company is also planning its second outlet in Nashik by the end of the next fiscal.

"We are opening 15 new retail outlets in major cities in the West, at locations including Mulund, Dahisar, Pune, Solapur, Nagpur, Kolhapur, Surat and Ahmedabad apart form Hubli and Kochi. We are in the process of identifying two locations in Mumbai. These outlets will be opened by the end of March 2007. Each store will cover a carpet area ranging from 30,000 to 40,000 sft," said a senior official from Vishal Retails Ltd.

With the launch of the new outlets, the total retail area of the company would increase by 5 lakh sft.

The company is also planning to raise the amount through an IPO, he added.

"We are also planning the second retail outlet at Nashik by March 2008. We have identified the land at the Nashik Road area. The 40,000 sft retail outlet will be set up at an investment of around Rs 8 crore," he said.

Vishal Retails has 47 retail outlets in 36 major cities across the country, covering around 11.27 lakh sft retail space.

The retail outlets would sell around 7,000 products of household needs, including garments, food, footware, home furnishing, toys and games, sports and fitness, cosmetics, gifts and lifestyle items.

"The cost benefits that is derived from the large central purchase of goods and services will be passed on to the consumers," he said.

The company has set a turnover target of Rs 650 crore for the current fiscal year, compared with Rs 300 during the last fiscal year.Its turnover during the 2004-05 was Rs 150 crore.