Fashion retailer Pantaloons, a part of Pantaloon Retail India Ltd, is on an expansion spree and the company says availability of space for new retail destinations is driving its growth.
“Expansion has become easier for retailers because mall developers are doing a very good job in metros, tier II towns and emerging markets. So, there is plenty of space to open new retail destinations,” said Rakesh Biyani, director and CEO – Retail, Future Group, while interacting with the media at the inauguration of the 50th store of Pantaloons.
Spread over an area of 31,109 sq.ft, the new flagship store at Ambience Mall, Vasant Kunj, Delhi, has been uniquely designed to create an international shopping experience for customers. The store features ready-to-wear collections for men, women and kids; it also offers a full range of men’s and women’s accessories.
After reaching the 50-store-mark, Pantaloon Retail now wants to double the store count in a short span of time. “We would like to double the store count in the next three years,” said Biyani. He further said the average size of the new stores will be between 25,000-30,000 sq.ft.
Divulging that the average sales per square foot at Pantaloons is Rs.10,600, Biyani said the company was doing really good in metros. “Even in tier II we are growing at a healthy rate,” he added.
Though Pantaloons is focusing on top seven cities, Delhi, with 10 stores, is a key market for the company. “Delhi is one of our key markets and we are pleased to open our flagship store in this city. We have been receiving encouraging footfalls from customers across all our stores here,” Biyani continued, “We have 10 stores in Mumbai and five stores in Kolkata. Apart from these cities, we are planning to expand in all state capitals. Though we continue our focus on urban cities, we will expand in emerging markets as well.”
Kailash Bhatia, chief executive officer & director, Pantaloon Retail (I) Ltd, who was also present at the launch of the new store, said, “Pantaloons has always strived to remain the first choice for its customers through its trendy designs, wide range of apparel and customer service without losing the fashion sense. It is one format that provides fashion for every occasion to all its customers.”
Pantaloons currently has 50 stores across 27 major cities.
– Shubhra Saini