HyperCITY exits gourmet retailing
28 Oct 2009
HyperCITY Retail will no longer continue with its gourmet retailing unit called Gourmetcity. Gourmetcity as a live kitchen offered foods such as specialty cheeses, exotic snacks, pre-packaged meats, sauces, vegetables and fruit; bakery and confectionary products and dining accessories sourced from across the world.
A subsidiary of the Raheja group-led Shopper's Stop, HyperCITY had launched the gourment business in 2008 when it was headed by expat CEO Andrew Levermore.
The retailer recorded a marked drop in sales especially in the recent challenging consumer environment. Gourmet retailing involves high-quality premium food and retailers are tapping this growing segment owing to rising incomes, globalization of taste and health and nutrition awareness.
The retailer has re-strategised its business plans to focus on its highly successful hypermarket format - with four HyperCITY stores in the pipeline in the coming year.
B S Nagesh, vice-chairman, HyperCITY said, ''We have experienced tremendous success with the HyperCITY format, and have decided to consolidate our Gourmetcity business.
Gourmetcity was a futuristic store concept created as part of our innovation and expansion plans but the return on investment does not make this business feasible. We are confident of the continued support from our partners, employees and stakeholders and belief of what works best in a mutually rewarding environment.''
The first GourmetCity was launched in Orbit Mall, Mumbai, but did not attract footfalls that translated into actual sales.
