News: Globus to quadruple Indian retail presence in 2-3 years

(PTI 13/04/2006)Mumbai - Seemingly bullish about the growth of organised retail in the country, Rajan Raheja-promoted retail chain Globus on Wednesday said it plans to quadruple its retail space in two to three years.

"We have 2.25 lakh sq.ft of retail space spread over 12 stores in right cities and plan to increase it to 10 lakh sq.ft over the next two to three years through a pan India presence," Globus CEO Vinay Nadkarni told reporters here.

The company plans to add 13 new outlets during the year in addition to the already existing 12 stores, he said, adding the expansion would be funded mainly through their promoters.

According to a report, organised retail in India is expected to touch 1.10 lakh crore by 2010 with apparel retailing contributing worth Rs 16,000 crore or 45 per cent of it.

Meanwhile, the company has signed Soha Ali Khan as Face of Globus 2006-07. Globus will launch its first campaign with her in mid-April this year and it would include outdoors and print.