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Heritage foods to invest INRs.60-cr to expand its retail trade

Heritage foods to invest INRs.60-cr to expand its retail tradeHeritage Foods Ltd, a Hyderabad based firm is all set to invest INRs.60-cr to expand its retail trade covering three southern cities of Chennai, Bengaluru and Hyderabad over the next three years. Talking about the expansion plan, the official spokesperson of Heritage Foods Ltd. stated that, “We are planning to open 75 stores in all these cities in 36 months. On an average two stores will be opened in a month.”

Dharmender K. Matai, Chief Operating Officer, Heritage Foods’ Retail and Bakery Division said that “Chennai would get 35 stores, Bengaluru and Hyderabad 20 stores each. Each store would be spread over an area of 1,500 to 2,000 sq.ft. Some of them would be large stores spread over 15,000 sq.ft. After the expansion, our retail floor space would increase to six lakh sq.ft. from the current 3.80 lakh sq.ft.,” he said.

Heritage Foods ltd. was incepted in the year 2006 in Hyderabad with seven retail stores and 300 employees. It has garnered commendable success with 105 stores employing 2,800 people at present. It deals in fresh fruits and vegetables and grocery. After the addition of 75 stores, the employee strength would touch 4,000. The food and grocery retail division was likely to close the current financial year with sales revenue of INR550 crore. It is likely to reach INR1,000 crore by the year 2020. Heritage Foods Group asserted  that, “It is a difficult task, but we are hopeful of achieving it as we are growing by over 25 per cent year-on-year. The market size of food and grocery is INR.one lakh crore and modern retail accounts for 1.5 to two per cent. We will be growing through organic and inorganic means.”