Mr Anjaneyulu Kakkera, the original founder of Trinethra retail chain, who is credited with bringing organised retailing to Andhra Pradesh a few years ago, is preparing to extend the foot print of his new retai chain Megna to whole of Andhra Pradesh. Siri Mahamart owned Megna, presently comprising seven hypermarkets and 13 supermarkets, will invest Rs 100-crore to spread the chain to whole of Andhra Pradesh by opening 40 stores within six to 12 months.
In the process, Megna will increase floor space from the present 3.5-4 lakh sq ft to eight lakh sq ft by the year-end. Megna plans to achieve a turn over of Rs. 120 crore during the financial year.
Besides offering a range of 50,000 products at the hypermarket, Magna also houses an eatery reports the Hindu Business Line.
Mr Anjaneyulu who had realised the retail potential of Hyderabad eight years ago, believes that the spending patterns of people in Andhra Pradesh is very well suited for the retailers.