Cornerstone to open 1, 500 stores in next 3 years

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Hyderabad-based apparel retailing group ZeroStock Retail’s leading menswear brand Cornerstone targets to invest Rs 250 million to open 1,500 outlets in next three years through franchise route for an expected turnover of Rs 3.5 billion. Meanwhile, aiming pan-India presence, Cornerstone plans to open 95 outlets by March 2009 and the company intends to have 300 stores operational by 2009 end, said a top company official.

Commenting on the expansion plans, Ashok Mayya, CEO, ZeroStock Retail, said, “We are looking at franchisees as part of our expansion plan. The targeted states for the first phase of expansion include Karnataka, Andhra Pradesh, Kerala and Tamil Nadu, along with Gujarat and Maharashtra. The company is also targeting Mumbai and Delhi besides tier I, II, and III cities.”

Cornerstone has set up around 20 exclusive outlets across seven cities including Vadodara, Kolkata, Pune, Hyderabad, Bangalore, Kochi and Jaipur. It offers complete range of men’s shirts, clubwear, formal trousers, chinos, polos and accessories. Further, the company plans to extend its offering to include other apparel like denim, as well as a range of footwear.

— IndiaRetailing Bureau

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