Mumbai, Aug 9: Future Group, a leading retail company will invest Rs 90 crore for expanding its low-cost 'KB FairPrice' chain to 1,500 stores within two years. The economic capital alone will account for 250 stores, with 45 stores scheduled to open before Diwali.
Talking to sources here on Saturday, Aug 9, Group Director (customer) Damodar Mall said, ''We will focus on our expansion in the existing markets in Delhi, Ahmedabad, Hyderabad, Bangalore and Jodhpur, before thinking of expanding our operations in other regions of the country.'' Without divulging financial details, Mr Mall said the 'KB FairPrice' has been a success since its launch last year. It has been taken up by the middle to low income group who hesitate to shop in regular malls.
''Our customer response is two to two-and-a-half times that of supermarkets. We do not have any frills. Moreover we stock only 300 essential items, but at the lowest possible price whereby customers can avail of one per cent-20 per cent discounts,'' he said.
The Chain was launched on August 9, 2007 to tap the lower income group consumers.