Modis unveil 24x7 store

RETAIL

The concept of night bazaars or Delhi government's experiment with late night shopping may not have worked, but that doesn't deter Samir Modi, managing director of Modi Enterprises, from starting a 24-hour convenience store, 24X7, in the capital.

The government permit required to keep the outlet open all night was secured last week, informs Modi.

"With the increasing number of double-income households, the idea behind the project is to fulfill the multiple requirements of people. So you can stop by to pay your mobile bills, recharge your mobile phone, develop your film roll and do your emergency shopping even as you grab a quick meal," he adds.

Besides stocking packaged foods and beverages, personal and home care items, the 1,400 sq feet outlet has a pharmacy and other service counters where you can pay your bills or courier documents.

The outlet has set up a frozen carbonated beverage (FCB) machine offering slush and a Beverage Express churning out 24 varieties of hot and cold beverages.

Most of the imported dispensers at the outlet are the standard equipment used at stores abroad, claims Modi.

The small size of the outlet is aimed at catering to the middle classes and is designed for quick service and delivery.

"Unlike super markets where one spends 20 minutes to locate the products one needs, speed and time management is high priority at 24X7," he adds.

Part of the KK Modi group, the company plans to launch three more outlets in south Delhi, besides one in Gurgaon, Mumbai, Bangalore and Kolkata.

While the cost of the first outlet, at New Delhi's Lajpat Nagar, is estimated to be Rs one crore (just the equipment and outlet), Modi says the company will spend between Rs 10 crore and Rs 15 crore this year. But 24x7 is expected to break even in one-and-a-half year's time.