Thursday, October 16, 2008

Spice to increase 'Hotspot' retail stores to 700 by year-end

IN: Hindu - Chennai, India
October 16, 2008

New Delhi (PTI): Spice Televentures, the wholly-owned subsidiary of the BK Modi Group plans to increase the number of its 'HotSpot' retail outlets to 700 from the current 400 by the end of the year.

"We plan to increase the number of outlets to 700 by year-end from the present 400. After that, we expect to set up 50-100 stores each month starting next year," Spice Televentures CEO Dilip Modi told reporters here.
Hotspot is the multi-brand technology retail chain of the Spice group.

Organised retail is expected to constitute about 30 per cent of the total sales in the mobile space, he said, however, refusing to give details of the Capex earmarked for the expansion plan. "The average size of the stores will be around 350-400 sq ft," he said. The company also plans to market its content through these stores.

"With our relations with companies and through group company Cellebrum, we plan to make available content through HotSpot Retail but this will be done only early next year," Modi said. Last year the company had announced USD 100 million investments spanning over the next two years for expansion of its 'HotSpot' retail outlets.
The retail outlets offer products such as mobile handsets, accessories, airtime connections, recharge vouchers, gaming devices, direct to home television services and other such telecom related products.