Value fashion and lifestyle products retailer V-Mart Retail plans to invest up to Rs 70 crore to open around 40 stores in 2020-21, a top company official said.
According to a PTI report: The company already has 260 stores in almost 195 locations across the country, largely in tier-II and III cities.
“Even as we are talking about the economy witnessing a slowdown in consumption, it is a temporary phase. Rather, this is the best time for organised retail players to be present in this market,” Lalit Agarwal, Chairman and MD, V-Mart Retail told PTI.
He said the company will invest in expanding its network and will add around 40 stores to take the count to 300 outlets in next fiscal.
“We will be investing Rs 60-70 crore for this expansion. We will use the funds for enhancing our back-end support as well as for revamping some of the existing stores to meet the changing needs of the consumers,” Agarwal further told PTI.
About growth expectation for the current fiscal, he said the company is hoping to close the year with around 20 percent growth in topline.
“Our strategy to expand in the under served tier-II and III markets has helped us in our growth. Also, since 70 percent of our offerings are private labels, (it) has contributed in margin improvement, despite the slowdown,” he told PTI.
In 2018-19, V-Mart posted a revenue of Rs 1,433.75 crore.