Prateek Lifestyle, the retail arm of Prateek Group, has launched its discounted retail mall ‘Coupon’ at Faridabad, Haryana. It is the first ‘Coupon’ store in the NCR and the group’s fifth, countrywide.
‘Coupon’ at Faridabad enjoys a carpet area of 35,000 square feet and is spread across four floors.
The company has planned to increase its presence in India by announcing the launch of 50 more ‘Coupon’ stores across India and investing Rs 3.5 billion for revamping of its existing retail formats. The group’s focus is on northern India.
Elaborating their plans, Pradeep Agarwal, MD, Prateek Lifestyle, said, “Our aim is to have a pan-India presence and grow rapidly by launching 50 such discount stores across the country in the next five years. Nearly 30 per cent of our stores will be in northern India, and we want to focus our penetration in tier II and III markets to reach out to maximum customers with the concept of discounted retail space and provide a unique shopping experience for them.”
“We intend to provide true value to our customers on branded apparel through our strengths in this sphere built over the last decade. Out of Rs 3.50 billion, Rs 1.25–1.30 billion will be utilised for the northern tier II cities,” he added.
The cities being actively considered for the next round ‘Coupon’ stores, include Jallandhar in the near future, and Lucknow, Ghaziabad, Haryana, Varanasi, Chandigarh, Jaipur and other towns and cities in northern India will soon follow.