Ratnadeep Retail, a retail chain based in South India, has launched its 100th store in Hyderabad even as the chain plans to open 50 more stores and become a pan India hyperlocal chain of supermarkets.
Sandeep Agarwal, Managing Director, Ratnadeep Retail, in a statement said “Ratnadeep is all set to join the big league of retail chain brands in the country as we plan to increase our national footprint through multiple format stores in the next few years. The last few months have been challenging, but this time gave us a clear understanding regarding the customer interests and demands.”
Manish Bhartiya, Director, Ratnadeep Retail, said, “We are delighted to reach the 100 stores mark this year. We have projected to reach a store count of 150 stores by FY 2021. We also plan to expand our reach by opening new stores across new townships and communities.”
Bullish on outlook
The company closed 2019-2020 with revenues of ₹800 crore. Despite the Covid pandemic and manpower challenges, Ratnadeep maintained a steady growth and expects to cross a ₹1,200 crore during 2020-21.
The company will commence the New Year with aspirations to open 50 stores across South India (Telangana, Andhra Pradesh, and Karnataka) with an average size of 3,000 sqft per location.
“Ratnadeep employs 4,000 people, with 70% of them women. We plan to hire more employees in the next year as we expand,” Bhartiya said.
The retail conglomerate embarked on its journey in 1987 as now opened its 100th store in Jubilee Hills. It has a retail footprint spanning over 4,00,000 square feet across 100 stores operating in Hyderabad and Bangalore. The chain plans to reach out to a larger audience base through multiple format stores–Ratnadeep Supermarket, Ratnadeep Express & Ratnadeep Select.
Ratnadeep Retail, with its three unique store formats, plans to become a pan India hyper-local chain of supermarkets in the coming years. It is targetting to open 50 new stores acrossAndhra Pradesh, Telangana and Karnataka (Bengaluru).