V Mart Retail Ltd, value retailer, has plans to expand agressively across tier II and tier III cities.
“V Mart is all set to open 25 more stores in FY 2010-11, out of which eight stores will be open in the first quarter of FY 2011. A total investment of Rs.10 crore will be made towards the expansion,” Lalit Agarwal, MD and chairman, V Mart informs IndiaRetailing.
The stores will open in tier II and III cities such as Begusarai, Basti, Dahej, Faizabad, Ratlam, Moradabad, Saharanpur and Balia. “The company’s strategy is to consolidate, re-strategise its expansion plans, negotiate rentals and reduce inventory to cut costs,” he informs.
Currently, V Mart operates 52 hypermarkets occupying retail space of 10,000 square feet across 45 tier I and II cities in the country.
— Shubhra Saini