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Titan Industries to open 250 stores in 2011-12

Bookmark and Share The company’s capital expenditure for the next financial year is likely to be around Rs 100 crore, part of which, will be used for expansion and maintenance of the stores it currently owns, V. Govindraj, Vice President, Integrated Retail Services said.

He, however, said the actual capex was still being worked out.

Titan Industries had 646 stores under operation across India as of February-end.

Less than 15% of the stores are company owned, while the rest are franchisees.

“We will continue to open 30-40 stores of Titan in 2011-12, but the aim is now to scale up expansion of our other newer formats like Helios, Eyeplus and Fastrack,” he said.

Titan, for instance, currently only has 3 stores of Helios, a high-end multi-brand watch chain. But by the end of the next financial year, it plans to have 40 operational stores of Helios.

The company will also open around 60-70 stores of Fastrack, which sells casual range of watches and accessories, and around 20 stores of its jewellery retail chain Tanishq.

Titan will also open 6-7 stores of its mass-market jewellery brand Goldplus, Govindraj said.

The company currently has 29 Goldplus retail stores.

Titan had launched the Goldplus brand in 2005 targeting smaller towns, but froze expansion last year, after opening 30 stores since launch.

The company had last year said it wanted to get its business model right and might have to close or relocate some Goldplus stores.

“There will now be some expansion of Goldplus next fiscal, maybe 6-7 stores,” Govindraj said.

The focus of Goldplus will, however, continue to be on tier II and III towns mainly in South India, he said.

The new Goldplus stores are likely to open in Andhra Pradesh and Karnataka.
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Posted by Prashant Gandhi on 17 March, 2011 1:17:49 PM IST #