Tata Group's retail expansion hit by high real estate prices

Mumbai, May 22 (UNI) Tata Group's retail expansion was partially hit due to soaring real estate prices and there was slow growth pace due to multiple macro-economic facts, a top official of the group said today.

The group's retail venture Trent under the brand name 'Westside' faced multi-challenges including high inflation, rising cost of credit and intensive competition in the sector during last fiscal, Trent Limited Head Marketing Neeti Chopra told newsmen here today.

''For expansion of business, it (high real estate prices) was a big bottle-neck,'' Ms Chopra said.

However, she later said, that was not a big issue for the group as it has well established business in Tier-I cities. ''Infact, for us the problem was due to unavailability of places for the stores in time,'' Ms Chopra asserted.

When asked about the revenue growth, she replied, ''Last year has been tough for the retail sector as hardly any firm was able to cross single digit growth. Moreover, the cause was based on macro-economic facts.'' UNI PP GR SM1508