Nature's Basket eyes over 40% growth in same-store sales

Cashing in on the growing demand for speciality food among urban up-market consumers, Godrej Group's gourmet retail chain Nature's Basket is eyeing a 40-43% growth in same-store sales this year, a top company official said today.

The company currently runs 12 outlets in Mumbai and Delhi and will open at least three more by end FY-11. It also plans to open another 8-12 stores at an investment of Rs 70-75 lakh per store over the next two-years as a part of its expansion plan.

"We plan to open another 8-12 stores over the next two- years. Most of these will come up in Mumbai, Delhi, Gurgaon, Pune and Bangalore. We are concentrating in metros that have a high expat population," Nature''s Basket''s, Managing Director, Mohit Khattar, told PTI here.

Presently, there are nine outlets in Mumbai and three in Delhi, he said.
Nature''s Basket sources most of its organic staples and vegetable locally from vendors like Redmantra, 24LM and Green Fiesta.

Even as tourism and leisure travel has become a fast- growing industry, exposure to the international market has wider, resulting in a change in buying patterns and preferences as far as food and apparel is concerned.