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| Vishal Retail freezes expansion, centralises warehousing |
| Press Trust of India / New Delhi Mar 17, 2009, 16:28 IST |
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Diversified retail player Vishal Retail today said that expansion plans of the company will be on hold as long as the current slowdown lasts.
"Looking at the ongoing downturn and its resultant effect in the economy, we have decided to put on hold all expansion plans for the foreseeable future. We are optimistic that the situation would improve and once the recession is over we will resume our expansion project," Vishal Retail Chairman and Managing Director Ram Chandra Agarwal told PTI.
Vishal Retail currently has 187 outlets in the country, including hypermarkets and small-format stores.
Agarwal's announcement on expansion freeze comes only days after the company announced its foray into the shop-in-shop format.
"We would like to first consolidate our existing market strength and focus on increasing sales before venturing into new spaces," Agarwal said.
He, however, refused to disclose anything regarding the impact of the slowdown on the company's sales.
Agarwal said that the company has closed down its big warehouses in Mumbai and Kolkata and has opened a centralised centre in Gurgaon as part of cost-cutting.
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