Trinethra Retail to invest Rs 70 cr for 70 new stores

By Staff
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Google Oneindia News

Kochi, Sep 13: Bangalore-based retail supermarket chain Trinethra Super Retail Ltd. (TRSL) today announced plans to invest about Rs 70 crore to set up 70 new stores in the four southern states in this financial year.

Addressing a press conference here on the eve of the TRSL opening its first store in Kerala at Fort Kochi tomorrow, Trinethra CEO Pranab Barua said the company currently had more than 130 stores in Andhra Pradesh, Karnataka and Tamil Nadu.

With a vision to become the market leader in the grocery retailing business in India, Trinethra was expanding rapidly and expected to reach 200 outlets in Andhra Pradesh, Bangalore, Chennai and Kerala by March, 2007.

The company was also planning to open five hypermarkets and the first one was scheduled to be opened in Mysore next year, Mr Barua said.

Declaring that the Indian retail market was huge enough for both foreign and local players, including the smaller ones, Mr Barua cited a McKinsey study which estimated the Indian retail market at about US$ 200 billion in 2005 and said that this was expected to double to US$ 400 billion by 2010.

About Trinethra's expansion plans in Kerala, he said that all the stores in Kerala will be opened under the group's ''Fabmall'' brand.

There will be nine fully functional Fabmall outlets in Kerala by next month and 20 by the end of this financial year, he said.

The company was also planning to set up a processing centre in Kerala next year along the lines of one already running in Hyderabad and another one planned to be opened in Bangalore this year. These processing centres ensure hygienic processing, sorting, packaging and supply of all provisions to their respective stores, he said.

The investment in each processing centre is about Rs 3.5 crore, he said.

Describing Trinethra as South India's fastest growing grocery retail chain, Mr Barua said that starting with a turnover of Rs 15.8 crore in 1986, the company had recorded a turnover of Rs 170 crore during 2005-06.

Currently, the Trinethra stores offer groceries, fresh fruits, vegetable and dairy products, bakery products and frozen foods. They also offer value added services such as bill payments and forex remittances.

At present, the company had no plans to venture outside the southern states, he said.

UNI

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