Vishal Retail to Diversify into Real Estate
Vishal Retail is poised to enter the real estate sector, broadening its business portfolio beyond its current retail operations. Manmohan Aggarwal, CEO of Corporate Affairs at Vishal Retail, confirmed this strategic move to Business Standard, stating that the new venture is slated for launch either in the latter half of this year or early next year.
Ambitious Acquisition Plans
Aggarwal revealed the company's ambitious plan to acquire an impressive 1 crore sq ft of area within the next three years. This substantial acquisition will serve a dual purpose: expanding the company's existing retail businesses and fueling its foray into real estate development. The real estate projects are currently in the initial stages of formulation and require further development before their official launch.
Continued Retail Expansion
Simultaneously, Vishal Retail announced the inauguration of its 92nd retail store in Pinjore. The company aims to reach a milestone of 100 stores by the end of the 2007-2008 fiscal year, with upcoming stores planned for Chandigarh, Mohali, and Manimajra.
Significant Growth and Future Projections
Having achieved a remarkable 100 percent growth in the current financial year, Vishal Retail is actively pursuing further expansion of its retail chains. The company aims to acquire 25 lakh sq ft of area by December 2008 to accommodate this growth. Currently, Vishal Retail operates across 20 lakh sq ft of area, spanning 62 cities across India. Its retail network comprises 90 hypermarkets and 3 Fashion Marts.
"The project is in formulation stage and would take time before it is launched. Meanwhile, Vishal Retail today also announced opening of its 92nd retail store at Pinjore today."
"Having achieved a growth of 100 per cent in the current financial year, Bajaj said that Vishal Retail was looking forward to acquire 25 lakh sq ft area by December 2008 to expand its retail chains. The Vishal Retail at present has 20 lakh sq ft areas in which it operates its different retail operations. The retail operations are spread in 62 cities across India. At present it has 90 hypermarkets and 3 Fashion Marts."