Pantaloon Retail, India’s largest retailer, is looking to scale back its expansion plans in the next financial year if weak consumer demand persists in the coming quarters.
Although Kishore Biyani-led Pantaloon would be able to meet its annual target of 2 million square feet of retail expansion in the current financial year that ends June 2012, the company would look at 1.2 to 1.4 million square feet in the coming years if subdued demand continues, said two executives in the know. This financial year, the chain has already opened 1.5 million square feet in the first two quarters (till December 2011).
The company has added 33 stores or one store every third day in the December quarter and plans to open 75 stores or an average of one store every second day in the March quarter of FY 2012.
(Source: Business Standard)