Mumbai: Reliance Retail, which has a tie-up with UK-based toy retailer Hamleys, today said it plans to open 20 toy stores across the country in the next seven years with an investment of Rs150 crore.
“We plan to open 20 Hamleys stores across the country at a total investment of Rs150 crore over the next seven years,” Reliance Retail president and chief executive (Lifestyle) Bijou Kurien told reporters at the opening of the first toy store here today.
The organised toy market in the country, estimated at Rs1,500 crore is poised for a healthy growth, he said.
“The toy market in India can be significantly higher than Rs1,500 crore,” Kurien said.
Within the next six months the second Hamleys store would come up in Chennai, Kurien said, adding that the balance would be opened over the next six years.
Reliance Retail tied up with Hamleys in 2008 but the company has opened its first store only now as it wanted a right location for it, Kurien said.
“Finding a right location was a challenge,” he said.
In the tie-up, which is a franchisee arrangement between the two companies, Hamleys would help in store designing, training of staff and supplying products, while all fixed investments would be done by Reliance Retail, he said.
Hamleys stores would have 5,000 products in the price range of Rs10-25,000, he said.
Hamleys was established by Cornishman William Hamley in London in 1760.