Mumbai: Tata group company Infiniti Retail today unveiled its second ‘Croma Zip´ store in the country and the first in south Mumbai at an investment of Rs2.7 crore.
The store offers customers a variety of electronic items including laptops, cell phones, PDAs, CDs, DVD players, cameras and travel-related gadgets among others.
“Of the total investment of Rs2.7 crore, Rs1.5 crore is for inventories and Rs1.2 crore towards fixtures. The ‘Croma Zip´ store is spread across 3,000 square feet and is the second zip store across the country,” Infiniti Retail’s CEO and Managing Director Ajit Joshi told reporters here.
“Despite the size being small, we expect these stores to draw new customers. The format will help to fuel demand by the sheer presence in high footfall areas,” Joshi said.
The company plans to set up around 32 stores by March 2009 and around 50 stores by March 2010.
“We have set a target of 32 stores for March 2009 and 50 stores for March 2010. The total equity investment from Infiniti Retail Limited would be Rs350 crore for building stores and other activities,” Joshi said.
Croma has set a target of 20% sales contribution by March 2010 from its private label ‘Croma´ and Joshi said that the company was already receiving a good response from its customers.
“The youth are looking out for newer technology and are always in search of better and new products,” he said, adding that, “it is important to cater to the needs of customers and we are trying our best to fulfil the expectations of our customers”.