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ITC mid-segment retailing foray may have to wait

KOLKATA: ITC’s entry into the mid-segment of retailing will depend on a shakeout in the real estate sector, Y. C. Deveshwar, Chairman, said here on Friday.

The company was already present in the top-end of the retailing segment through its 200 Wills Life Style stores, which also stocked a little of mid-market products.

Its presence in the bottom-end of the market was through its choupal-sagar initiative.

“We are not well-positioned to handle a large real estate endeavour that is necessitated by a mid-level entry,” Mr. Deveshwar told reporters here at a press meet after the company’s annual general meeting. Mr. Deveshwar said land acquisition and getting necessary permissions were the two biggest roadblocks in project implementation.

The company had a Rs. 8,000-crore investment plan for its hotel business that included setting up of the country’s largest hotel in Chennai, three hotels in Bangalore and a seven-star hotel in Ahmedabad.

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