Salora Retail to open 500 stores, to invest up to Rs 200 cr

New Delhi, Sep 04, 2008 (Asia Pulse Data Source via COMTEX) -- RVI | Quote | Chart | News | PowerRating -- Aiming to open about 500 retail stores in the next five years, Salora Retail Ventures today said it will invest Rs 150-200 crore in the first phase.

"The digital electronics category is showing up opportunities in the Indian market. We are planning to open 300-500 retail stores in the country over the next five years," Salora Retail Ventures CEO Sanjive Sethi said.

"We will invest about Rs 150-200 crore in the first phase of the project," company's Vice Chairman and Managing Director Gopal Jiwarajka said.

The company today announced the launch of a chain of retail stores in the national capital to sell digital electronic products.

The company has rolled out nine retail outlets in the city and plans to expand pan-India in the next five years.

The retail outlet, Terminal, would sell digital electronic products -- LCDs, mobile phone, digital camera, laptops and home theatres among others.

"The country's electronic market is estimated to be USD 125 billion by 2015. With a very small percentage being captured by organised retailers, we see huge opportunity in this space in the years to come," Jiwarajka added.

Apart from expanding the multi-brand stores, the company is also exploring opportunities in single brand operations.

"We have also been looking at single brand operations in the same space. The economy is pro-retail and we assume if real estate costs are moderated in near future, expansions can be really steady," Salora Group Director Tarun Jiwarajka said.

Salora International had entered into a partnership with Sony Ericsson and Virgin mobiles to market their products in the country.

Salora International, engaged in supply chain management and retailing, has 30 offices in India with manufacturing facilities in Delhi and Noida.

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