New Delhi: RPG Enterprises plans to spend up to Rs2,700 crore to open as many as 4,000 stores—from book shops to hypermarkets—by 2011 as India’s modern retail market gallops at a scorching pace.
“We are opening a store every three days,” said Sanjiv Goenka, RPG’s vice-chairman. “We plan to open one store a day in the next three-four months and two stores a day by 12 months.”
Kolkata-based RPG’s plans underscore the upbeat mood among several Indian companies that are pledging hundreds of millions of dollars in a bid to win a slice of the country’s $9 billion (Rs39,600 crore) organized retail market.
RPG will add thousands of stores under the Spencer’s brand that operates around 125 stores in 25 cities.
Another unit, that runs around 275 stores, will also add hundreds of stores. The expansion will be funded through internal accruals and a public listing of the retail business in the next two years, Goenka said.
He added that RPG would not partner with any foreign retailer. “The kind of experience we have in the field is unmatched,” Goenka said. “We don’t need a foreign partner.”