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Samir Modi plans to expand new stores

Modi wants to set up 10,000 Twenty Four Seven stores across the country—generating retail sales of about Rs55,000 crore a year (average Rs1.5 lakh sales per store per day)—in five years. This is a huge jump from just 49 stores (43 in the National Capital Region and six in Chandigarh) that the company operates at present.

But the target is achievable, said Modi. Most of the stores will be franchised—a new format that Modi is getting into. So far, the company only operated company-owned and managed outlets. Besides, the company already has an agreement with India’s largest fuel retailing chain Indian Oil Corp. Ltd (IOC) to open smaller stores at its petrol filling stations. IOC has about 24,000 petrol filling stations across the country.

But the target is achievable, said Modi. Most of the stores will be franchised—a new format that Modi is getting into. So far, the company only operated company-owned and managed outlets. Besides, the company already has an agreement with India’s largest fuel retailing chain Indian Oil Corp. Ltd (IOC) to open smaller stores at its petrol filling stations. IOC has about 24,000 petrol filling stations across the country.

According to Modi, there is demand for round-the-clock shopping, be it in emergency or a hop-in option or for impulse shopping, primarily because of the rise in double-income households, busy professionals and youth seeking instant gratification.