Piramyd Retail, the Rs. 110 crore retail arm of the Urvi Piramal chaired, Rs. 3000 crore Ashok Piramal group, is gearing up to set up a Piramyd Megastore each in the country’s top 25 cities in the next three years by investing Rs 500 crore, reports Business Standard.
Pyramid, which currently operates seven megastores at Nagpur (2) and one each at Delhi, Mumbai, Ahmedabad and Ludhiana will set up a megastore each in Chennai, Bangalore, Hyderabad,Gurgaon and many more tier II cities across the country including Surat, Jaipur, Chandigarh, Lucknow and Mysore.
Unlike Ahmedabad, all new megastores will be set up in shopping malls. Each of these Megastores will entail an investment of Rs. 20 crore. The company also plans to have a standalone lifestyle store in Kolkata.
The new forays in retail will lead to doubling of the turnover in the next three years.