Piramyd Retail owned by Ashok Piramal group is reorganizing its business operations and is in talks with a foreign retailer to start new concepts like speciality stores or hypermarkets.
Pyramyd and Trumart will be handled as separate business units and the company has set up team to find out new business opportunities.
Executive Vice-Chairman, Nandan Piramal said that they are well behind the market and they are bringing innovations and dynamism to bring growth.
Bipin Gurnani is going to head Piramyd while Trumart will be headed by Upamanyu Bhattacharya, who said that Trumart will be a kirana outlet which will be opened in residential areas.
Bipin Gurnani informed that currently there are 7 Piramyd and 14 Trumart outlets in the country. Piramal Group, after selling Crossroads to Pantaloon Group kept all future retail expansion plans under crossroad on hold.
Piramyd Retail was regarded as a competitor to Shopper's Stop and Pantaloon when it opened in 2005 but since then absence of good management and lack of growth vision saw the brand losing market amid strong competition.
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