Videocon Retail, the retailing arm of Videocon Industries, has planned to invest around Rs 800 crore to expand its Next Retail and Planet M outlets across the country in the next three years.
Confirming this, Saurav Dhoot, director, Videocon Retail, said: “We plan to take the number of Planet M outlets to around 1,500 from 200 at present, in the next three years. Simultaneously, the number of Next outlets will be increased to 650 from 400.”
Dhoot also informed that the company was witnessing 40 per cent revenues from sale of mobile phones and accessories at Planet M, and is looking to introduce private labels of telecom products including mobile pouches, phone insurance and extended warranties. It is in talks with a few general insurance companies.
The company has also launched the country’s first cafe-in-store Cafe eARTh, at its Planet M store in Hyderabad. “Our idea is to launch around 250 cafe-in-stores in the next three years,” Dhoot said.
Last year, the company earned revenues of around Rs 800 crore from Next and Rs 100 crore from Planet M. “With the enhanced retail presence, this year’s revenue contribution from the two formats will be Rs 1,500 crore and Rs 400 crore, respectively,” said Dhoot.