“The Chennai store will be operational in two-three months’ time. Megamart intends to open two-three large-format stores in the current fiscal. The company is planning to invest around Rs 400 crore to set up 30 similar stores in the next three-four years across the country,” a company official told Indiaretailing.
Currently, Arvind Brands operates around 75 Megamart stores across 25 cities, totalling sales of Rs 102 crore. The company reportedly wants to scale up this retail format and change the brand perception from that of a discounter to a retailer, by offering a great shopping experience at value prices.
According to media reports, the first mega store is coming up in a Chennai suburb, in the premises of an unused garment factory, and has been designed by a UK-based design consultancy, JHP Design, a commercial design consultancy that has retail projects across the world to its credit.
Spread across three floors, the Chennai mega store will host all the attributes of a lifestyle store, that too at retail prices 12-15 per cent lesser than elsewhere. It is planned as a full value retailer, selling men’s, women’s and kids’ apparel. The mega store will also stock a few private labels, and a host of competing brands.
“Besides apparel lines, the store will also retail home furnishings, bed, bath and personal accessories, footwear, luggage, kitchenware and personal electronics. It will also have a utility bill payment counter, a food court, and kids’ play area,” the spokesperson added.
Alongside its large format, the company plans to continue with the expansion of its smaller-format stores, and wants to take the number from 75 to 90 within the next few months, finally closing the tally at around 200 in about the next two years.
Megamart plans to spend around Rs 15 crore on advertising for its new identity.
– Vishnu Rageev R, Bengaluru Bureau