Metro Group has confirmed that it will accelerate expansion of its cash-and-carry network in India by opening up to ten more stores.
The German retailer said today (18 November) that it aims to open between eight and ten stores, depending on buying appropriate land and business licenses.
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A spokesperson for the company said India has business potential and is “strategically important” for the group.
“With its booming economy and rising purchasing power, India generates good business opportunities for Metro,” she said.
Metro has eight stores in cities including Mumbai, Bangalore, Hyderabad, Kolkata. The retailer said its expansion would focus on these cities but it revealed plans to enter other areas with “big potential”.
The expansion could see Metro spend up to EUR200m (US$270.8m). “On average each cash-and-carry [store] is an investment of EUR15m to EUR20m,” the spokesperson said.
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By GlobalDataMetro has invested heavily in the build-up of modern supply chain and upgrade of local trade infrastructure over the years, she added.
