Aditya Birla Retail expects revenue growth of 42% - to 16 billion rupees (US$ 341.8 million), from 11.3 billion rupees - in the current financial year. Chief executive, Thomas Varghese says, "Things are turning around, but we still remain cautious". Despite this caution he expects growth of 25% from existing supermarkets, the rest to come from 60+ new stores, creating an estate of over 700 supermarkets. New hires are expected to total 2,500.
Pantaloon investment
Following suit, Pantaloon plan to invest more than 5 billion rupees (US $103.5 million) to expand its malls and stores. Rajesh Seth, vice president of marketing is reported to have said the company plan to double their number of stores by adding 12 Central malls and 25 Brand Factory outlets by 2011. Managing Director, Kishore Biyani says, "we have started hiring at all levels".
Sector "scale up"
Bharti Retail and Spencer's each plan for expansion. Bharti CEO, Vinod Sawhney has announced plans for 27 stores requiring 1,000 new staff. Sales growth of 18% has convinced Spencer's to open six hypermarkets and four convenience stores.
Foreign entrants
With Mothercare creating a JV with DLF and speculation in the press about a tie up between Carrefour and Future Group, signs are India's retail sector is set for a recovery, but expect growth to me more realistic than during India's retail boom of excess.
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