Date:08/09/2007 URL: http://www.thehindubusinessline.com/2007/09/08/stories/2007090850680500.htm

Back HomeTown to open 6 new stores by December

Our Bureau

Hyderabad, Sept. 7

Home Solutions Retail (India) Ltd, an arm of Future Group, will open six new ‘HomeTown’ stores in the country by December 2007.

“We now have three stores and are looking at an annualised business of Rs 3,000 crore by the end of next financial year,” Mr Mahesh Shah, Chief Executive Officer, HomeTown, told reporters after opening the stores here on Friday. About Rs 20 crore would be invested in setting up each store, he said.

HomeTown stores would soon be opened in Bangalore, Pune, Lucknow, Gurgaon, Kolkata and Thane, he said. To increase institutional sales the firm was in talks with various real estate companies in different places.

“We have already bagged a Rs 150-crore order from Prestige Group in Bangalore. We are talking to various players in Ahmedabad and Hyderabad as well,” Mr Shah said.

HomeTown stores would be offering consumer loans for customers in association with its recently floated sister concern, FutureMoney.

As an invitation offer HomeTown customers would be given zero per cent interest finance, Mr Rakesh Makkar, CEO, FutureMoney said. The consumer loans would be processed in 48 hours from the time of application, he added.