New Delhi, May 15 Mobile retail chain HotSpot is scouting for acquisition to strengthen its presence in the organised retail space.
The company, which recently had acquired stake in Cellucom, is looking to invest Rs 200 crore for its retail expansions.
Pan-India presence
“Currently, we are perceived as a North-centric organisation. We are looking at acquisition which will bring a strategic fitment, besides increasing our pan-India presence.
“For this year, we will be increasing the number of stores from 620 to 1,200 by the end of this year,” said Mr Sanjeev Mahajan, CEO, HotSpot.
With Cellucom’s acquisition, HotSpot has got about 120 stores under its umbrella.
HotSpot is part of Spice Televentures, a BK Modi group company, and is a retailer of mobile phones, accessories and services.
Core focus
The company said its core focus will be on total customer offerings.
“It is not just handsets and airtime retailing that we are looking at but also focusing on a lot of value added services including accessories and portable music devices including iPods,” Mr Mahajan said.
On whether slowdown had affected sales, he said margins for all retailers were under pressure.
“There are no upgrades. People are not buying at the same frequency that they used to,” he added.
HotSpot also plans to expand its outlets in rural areas. “Tier-III cities and towns will be our next drivers of growth,” he added.
