Big Apple aims Rs 300cr turnover in FY08

New Delhi, July 1: Groce retailer Big Apple, has said it expects a turnover of Rs 300 crore this fiscal and will expand its retail outlets to 225 in the national capital national capital region (NCR).

''We will invest close to Rs 150 crore to expand our retail portfolio from current 65 to 225 outlets in FY08, which will drive our turnover to Rs 300 crore this fiscal,'' Big Apple Managing Director Munish Hemarajani told sources on the sidelines of a forum here today.

The expansion plan will be funded through internal accruals and private placements, he added.

''In the last six months our growth rate was at 400 per cent and wish will grow gradually,'' Mr Hemarajani said.

As part of its pan-India presence, the company will diversify its locations with 200 stores in Gujarat and 50 in Karnataka.

The company will soon add pharmaceutical products and apparels to its retail stores to expand its product portfolio.

The stores will range from 300 to 5,000 square feet.

Commenting on FDI approval in retail sector, Mr Munish opined that the government should not allow FDI in retail, as the Indian retailers should be given a chance to compete in the domestic market.

''Big Brands like Walmart has an experience of 30 years as compared to ours, so the goverment should give us a chance to strenghten competition among domestic retailers,'' Mr Hemarajni said.

UNI