Space crunch forces HyperCITY Retail to focus on smaller stores
NEW DELHI: HyperCity Retail, part of the K Raheja Corp Group, is re-positioning its strategy with a focus on smaller stores due to lack of space and adopting an omni-channel presence with its own website to cater to urban customers.
“We are re-positioning ourselves with smaller stores and better product rage and assortments. Space for big stores are not available in good catchment area. In order to reach our customers and to give them choice, we will also start online operations. We are not getting into e-commerce to compete other e-tailers. It makes strategic sense,” HyperCITY Retail CEO Ramesh Menon said.
Its e-commerce operations will begin next month.
HyperCITY, which at present operates 19 stores in cities like Mumbai, Hyderabad, Bengaluru, Bhopal, Ludhiana, Amritsar, Jaipur, Pune, Ahmedabad, Delhi and Noida in Delhi NCR, earlier opened stores with area of about 70,000-80,000 square feet size.
Its new stores will be half the size at 40,000-45,000 square feet.
The company, which reported turnover of Rs 1,000 crore in 2915-16 is eyeing 15 per cent growth and will open 3 stores this financial year. “We will grow faster than the market. We are aiming 15 per cent growth this year,” he said.
For new stores, the company will look at increasing penetration in the existing cities where it has operations. “Our focus is on metro and tier I cities. We will look at opening stores in the cities where we already have a presence,” Menon added.
K Raheja Corp Group also operates retail chains under Shoppers’ Stop and Crosswords in India.