New Delhi: Vishal Retail Ltd plans to add 600,000-700,000 square feet to its retail space before the festival season of Diwali, according to CMD, Ram Chandra Agarwal.
He said, “The demand for the products we sell is inelastic and we don’t see any fall in consumer demand. Our plans therefore continue to be on track.”
The discount retailer has 120 stores spread across India, covering an area of 2.36 million square feet.
Agarwal said the firm was however looking at market conditions to improve before it raises money through share sales to fund its expansion plans.
In April, Vishal Retail said it will raise Rs30 billion through a combination of debt and equity by March 2011 for new store openings.