24/7 plans to open 2,000 stores in the next 3 years

Mar 08, 2010

Twenty Four Seven Retail Stores, a KK Modi group venture, is making yet another attempt to strike it rich in the retail sector. It plans to open 2,000 stores in the country in the next three years at an estimated investment of Rs 150 crore. In 2007, the company announced its plans to open 178 stores in Delhi and its suburbs within one year's time.

The company, however, as of now has only four stores. "We had to introduce several changes to customise the store for Indian consumers and had to tweak the concept accordingly. This took time," president, Twenty Four Seven Retail Stores, Samir Modi, explained.

Modi said, "At present, we are growing at 21 per cent year-on-year. During 2008-2009 financial year we achieved a turnover of 12 crores from our existing three outlets in Delhi. This year we have opened one outlet with Indian Oil Corporation in Delhi."