Multi-brand value retailer V-Mart Retail is expanding its sales network and plans to have around 205 stores by the end of this fiscal by adding 35 stores, said a top company official.
According to a PTI report: V-Mart Retail, as part of its expansion plans, is now entering into the northeast region and will open four stores in Assam this month. It is aiming to have 20 stores in the region in next two years.
Besides, the company which has presence in 14 states, will also open two stores in October in Arunachal Pradesh and Meghalaya.
“Last fiscal, we had opened 31 stores and this year, we are targeting to open 35 stores and we would cross 200 mark,” Lalit Agarwal, CMD, V-Mart Retail told PTI.
The company is presently operating around 182 stores.
“In this financial year, we have already opened 10 stores so far,” he was further quoted by PTI as saying adding “we would go up to 205 stores”.
In FY2017-18, V-Mart Retail had a revenue of Rs 1,222.37 crore.
“We are growing between 20 t0 25 per cent every year and we would maintain that growth rate,” Agarwal further told PTI.
The new stores will come in the new town and existing markets as well, depending on their potential, Agarwal added.
On being asked about the investments, he told PTI: “Total investment in opening a new store is around Rs 2 crore”.
Over its foray in northeast, Agarwal said that the company is exploring new areas and the region of seven sisters provides good opportunity.
“We have plans for at least 20 stores across the seven states in North East in next two years,” Agarwal was further quoted by PTI as saying.
The stores in the northeast will primarily have apparels and fashion clothes.
V-Mart, which primarily operates in tier II, tier III and tier IV cities and follows a cluster-based model approach to expand.