KK Modi group to open 500 Twenty Four Seven stores in 2 years

The K K Modi group, which operates round the clock retail chain Twenty Four Seven, plans to invest about Rs 1,000 crore to open 500 more stores in the country in the next two years.
The group is also looking to revamp its existing stores and has tied up with airline caterer Taj SATS to provide it with ready to eat food options.
The Twenty Four Seven retail chain, founded by Samir Modi, the youngest son of industrialist Krishan Kumar Modi, operates around 50 stores in NCR and Chandigarh, at present.
"In Delhi alone we will have 300 to 400 stores by next two years and we hope this new revamp strategy will strengthen the customer base," K K Modi Group President Krishan Kumar Modi told PTI.

"We want to invest Rs 1,000 crore to increase the number of stores," he said, adding that the group is trying to get into almost every city in the country but it is struggling with the type of products to offer in different cities.
The retail chain's revamp plan includes the new logo and a new tagline as also the look of the stores that includes digital screen, focused lighting and peppy music.

Regarding business hurdles, Modi alleged, "Sometimes local police ask for bribes to keep the stores open late at night even though we have the licence but what can we do, they are policemen".

Expressing concerns, he said even food authorities indulge in similar practices.
"Every eating place or restaurant has to go through this corruption which is built in the system and there is no food store or restaurant which does not have to take care of the authority," Modi alleged.
With regard to demonetisation, he said the decision was in favour of retail stores as the option of digital payments is always there.
"Demonetisation initially helped us because other shops were not able to receive money and we were already accepting digital payments," he said, adding that now that advantage is disappearing.