Value fashion and lifestyle products retailer V-Mart Retail, which primarily operates in smaller towns, is evaluating a Omnichannel (offline and online retail) strategy to expand business and reach its customers.
According to a PTI report: The company is also looking at investing Rs 100 crore next fiscal to open new stores and setting up a new warehouse.
V-Mart primarily operates in Tier II, III and IV cities and follows a cluster-based model approach to expand and has a set a target to invest Rs 300 crore to double store count and treble its turnover to Rs 3,500 crore in the next five years.
“We are considering an Omnichannel strategy and plan to get into online retail to reach our customers. It may happen by end of next year,” Lalit Agarwal, Chairman and Managing Director, V-Mart Retail told PTI.
It currently operates about 185 outlets in over a dozen states in India. The company plans to add more than 200 stores in the next five years to create a network of 400 outlets.
In 2017-18, the company had reported a revenue of over Rs 1,200 crore.
The company also plans to invest Rs 100 crore next fiscal to open new stores and set up a new warehouse in the country.
“We are looking at setting up a new warehouse to service our stores. It will come up in Uttar Pradesh or Bihar,” Agarwal further told PTI.
About 75 percent of V-Mart’s stores are located in just four states — Uttar Pradesh, Uttarakhand, Jharkhand and Bihar.
V-Mart, at present, has a distribution centre located near Gurugram to service all its stores.