India-based Essar Group's steelmaking subsidiary Essar Steel has announced the opening of its 100th Hypermart, the company's steel showroom chain for end-users, in Ranchi, India. Essar Hypermart now has 100 Hypermarts and 419 Expressmarts across India.
In a statement, the steelmaker said that it is planning to increase its numbers to 126 Hypermarts and 650 Expressmarts by March 2011. Essar Steel plans to increase its retail distribution network in East India by over 300 percent. The company plans to have 100 retail outlets by March 2011 in East India.
Mr. Malay Mukherjee, CEO Essar Steel, said, "In India, steel has always been sold in the traditional manner. Essar Hypermart has revolutionized the marketing of steel, and has now become a case-study for companies globally."
Essar Hypermart sales currently account for 25 percent of Essar Steel's annual revenues, the company said.