Nature''s Basket eyes over 40 pc growth in same-store sales

Mumbai, Feb 21 (PTI) Cashing in on the growing demand forspeciality food among urban up-market consumers, GodrejGroup''s gourmet retail chain Nature''s Basket is eyeing a 40-43per cent growth in same-store sales this year, a top companyofficial said today.

The company currently runs 12 outlets in Mumbai and Delhiand will open at least three more by end FY-11. It also plansto open another 8-12 stores at an investment of Rs 70-75 lakhper store over the next two-years as a part of its expansionplan.

"We plan to open another 8-12 stores over the next two-years. Most of these will come up in Mumbai, Delhi, Gurgaon,Pune and Bangalore. We are concentrating in metros that have ahigh expat population," Nature''s Basket''s, Managing Director,Mohit Khattar, told PTI here.

Presently, there are nine outlets in Mumbai and three inDelhi, he said.

Nature''s Basket sources most of its organic staples andvegetable locally from vendors like Redmantra, 24LM and GreenFiesta.

Even as tourism and leisure travel has become a fast-growing industry, exposure to the international market haswider, resulting in a change in buying patterns andpreferences as far as food and apparel is concerned. (MORE)PTI PP JJ VKV

"People have started travelling more, leading to a spurt in demand for gourmet food in India such as organic staples,different type of cheese, chocolates, pasta, spices andspeciality oils. We are capitalising on the same and expect ahealthy 70 per cent growth in sales YoY," Khattar said, addingthat last year it posted a turnover of Rs 60-crore.

He, however, said that ''Nature''s Basket'' caters to a veryniche segment, where people do not mind shedding some extrabucks or experimenting with new, rare and exotic products.

This has also helped the company carve a position for itselfin the Rs 800-1000-crore unorganised gourmet market in India.

The market is growing at 20-25 per cent YoY.

"The gourmet segment in India is still at a very nascentstage and most of the players are in the unorganised sector.

However, with a change in demography, change in buyingpatterns and high disposable incomes will drive growth goingahead," Khattar added.

Some of the stores in the organised category are Candiesin Bandra, Owen Fresh in Dadar, Le Marche and Sugar