Friday, December 15, 2006

Pantaloon to open 75 Food Bazaar outlets by end 2007

Business Standard reports that Pantaloon announced that it will be increasing its food stores, Food Bazaar from 60 to 135 by end 2007. According to Damodar Mall, president and chief executive officer (food business division) for Pantaloon Retail, “Besides metros, people in tier-II cities and towns are also ready for the modern food retailing formats and we are, therefore, gearing up to open 75 more Food Bazaars across the country by the end of next year. Our cut-in stores will continue to be a part of Big Bazaars and Centrals, and we intend to set up stand-alone stores in smaller cities like Visakhapatnam and Mangalore."

Currently, there are already two cut-in stores in Hyderabad, at the Central Mall and at Big Bazaar and the company will be opening four more Food Bazaar’s in the city within the next two months. Pantaloon hopes to reach a turnover of Rs. 4,000 crore from all formats in the 2006 financial year, of which Food Bazaar accounts for a third of its revenues.

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