Subhiksha plans to open 1,000 outlets

New Delhi: Retail chain Subhiksha said that it plans to open 1,000 more outlets by the end of this year.

'Organised retail is growing at a rate of 8-10 per cent per annum, which so far represents only about four per cent of the total retail market. We are planning to open about 1,000 stores by this December across various cities of the country,' Subhiksha President (Manpower) S Shashikanth said at the FICCI Ladies Organisation symposium on retail here.

The company would add the stores primarily in Tier I & II cities, he added. We are exploring smaller cities in Madhya Pradesh and the eastern part of the country,' Shashikanth said.

On the models to be followed for the stores, Shashikanth said, 'All will be company owned as we do not have any franchisee concept.'

The average size of the outlets would be about 1,500 sq ft, he added. He, however, declined to comment on the size of the investment, the company is looking at for its expansion drive.

When asked about the company's plans to raise funds from the capital market, without divulging any detail, Shashikanth said, 'Yes, we definitely have plans to get listed.'

Subhiksha, which started its operation with one store in Tamil Nadu in 1997, currently has over 1,500 outlets across the country and employs over 25,000 people.

The Indian retail industry is currently pegged at $330 billion. The sector is estimated to cross $650 billion mark by 2015 and organised retail will touch $130 billion there by then.