NEXT Retail set to double number of stores by year-end

As part of its expansion strategy, NEXT Retail, the electronics retail arm of Videocon Ltd, opened a store in West Delhi today. With a total of 609 stores across India, the company is targeting 1,000 outlets by the end of the year.

Chief executive Sunil Mehta said, “We are coming up with seven more stores in Delhi, Mumbai, Chennai and Bangalore in the next one month”. NEXT Retail, India’s largest electronic retail chain, is targeting a Rs 4,000 crore turnover in the next three years, up from the current Rs 1,500 crore. The store has already covered more than 300 districts in the country and plans to raise the number to 626. “The reach of modern retail is only in metros, we are the only ones to go beyond”, said Mehta. However, he refused to comment on the funding strategy of the company.

According to Mehta, the opening up of multi-brand retail would be healthy for the economy. On whether Next Retail would get a foreign investor, Mehta said, “We are a very strong company, we don’t feel the need to look outside at the moment”. Currently, FDI (foreign direct investment) is not allowed in multi-brand retail.

The company said Videocon did not have any plans to venture into the wholesale cash-and-carry segment and said it was solely concentrating on retail.