Gitanjali Plans to Add 300,000 Square Feet of Retail Space
July 06, 10
Gitanjali, India’s largest jewelry retailer, is aiming to increase its retail space by 300,000 square feet before March 31, 2011, up from the 1 million square feet of retail space it currently operates, according to the chairman of the company, Mehul Choksi.
In the interview with Bloomberg, Choksi also said that the company plans to open about 500 new stores in a bid to take advantage of the thriving Indian retail market. In doing so, he told Bloomberg, Gitanjali hopes to increase its share of the overall Indian jewelry market from 3 percent to 5 percent.
While the Indian market continues to flourish, Choksi expressed caution about the U.S. jewelry sector, where the group operates Samuels Jewelers Inc. and Rogers Ltd. He told Bloomberg that the company would instead focus on expansion in India, China and the Middle East.
Choksi said in the interview that Gitanjali plans to double the number of its stores in China to 100 over the next three years. He also announced that the company is planning on opening its first outlet in the Middle East.