V-Mart to open 25 New Stores by 2015
By VJ Media Works Team | Vjmedia Works | April 02, 2014
The Leading retailer plans to expand following the success of its existing stores in North India
These are Â“first-of-their KindÂ” store in these cities, complete family fashion stores fully air-conditioned with international shopping experience.
Lalit Agarwal, V Mart Retail Ltd, Owner, said, "Â“The company currently has 88 company-owned-company-operated stores largely in northern and eastern India. We are planning to open 25 new stores in non-metros by 2015, entailing an investment of Rs 50 crore. We are also planning to enter into two new states-Orissa and west Bengal this fiscal. Most of our new stores will have only apparels and lifestyle fashion products as they fetch better revenue margins. Providing customerÂ’s true value for their money has helped us to build the relationship with millions of families across the country. We offer high end- fashion at an affordable priceÂ”.
Lalit Agarwal, said that the company was profitable due to its model. The company never opened stores in a mall and largely followed a cluster-approach in expanding its business. Agarwal, said almost 80-85 per cent of its revenue came from the fashion business. Â“He said this year the retail brand is looking at 35 per cent growth over last year.
V-Mart has established stores in metros, tier I, II and III cities which are primarily located as standalone stores in high street areas and shopping hubs of such cities. The average size of V Mart stores is between 8,000 and 10,000 sq ft. "We always follows the concept of "value retailing" to target the strata of the population belonging to the expanding "aspiring class" and "middle class" based on our customers socio-economic conditions purchasing power, demographic details and customers trends. V-Mart believes in operating in untapped markets, provides customers a different shopping experience, comprising of a vast range of value retail products under a modern ambiance and feel of a large retail mall,â€ Lalit Agarwal added.