Retail chain Big Apple on the block

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Retail chain Big Apple on the block

Post  moupaliray on Sun Aug 17, 2008 8:35 pm

MUMBAI: It's a chain touted to be the desi 7/11 but perhaps its time has come! New Delhi-based retail chain Big Apple is actively looking for a buyer.

Promoter Munish Hemrajanihe said there were no plans as of now to sell the company. Though it has been speculated that Big Apple's 65 stores have been on the block for the last four months, retail consultants tell us there's a good chance that the deal could be closed soon.

This is because Big Apple is ready to negotiate with a new price. Sources tell us that Bharti was interested but talks failed because they did not see value in the price. Reliance and Aditya Birla Group have also been approached.

Despite good penetration in Delhi, most retailers have turned down Big Apple because the locations and store layouts, sources say, haven't caught their fancy.

Analysts say for any retailer that might be looking for a quick footprint in Delhi, one of the fastest growing retail markets in India, snapping up Big Apple might be a good idea.

Big Apple has expanded fast - in just one year, 65 Big Apple stores have dotted Delhi - which fetch it sales of close to Rs 100 crore. The plan was to take Big Apple to Karnataka and Gujarat. An unviable retail business, clubbed with escalating real estate prices, have got Big Apple to re-think the business.

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