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Saturday, October 24, 2020

V-Mart Retail plans to open 40 stores in FY21 and invest Rs 70 crore

V-Mart Retail plans to invest up to Rs 70 crore to open around 40 stores in 2020-21, a top company official said. The company already has 260 stores in almost 195 locations across the country, largely in tier-II and III cities.

Lalit Agarwal, Chairman & MD of the company said on the sidelines of Retail Leadership Summit 2020 that even as they 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.

He confirmed that the company will invest Rs 60-70 crore in expanding its network and will add around 40 stores to take the count to 300 outlets in next fiscal. They will use the funds for enhancing their back-end support as well as for revamping some of the existing stores to meet the changing needs of the consumers.

The company is hoping to close this year with around 20% growth in topline.

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Agarwal stated that their strategy to expand in the under served tier-II and III markets has helped them in their growth. Also, since 70% of their offerings are private labels, it has contributed to margin improvement, despite the slowdown.

A report by KPMG, released during the summit said that between 2019-22, private labels are expected to grow 1.3-1.6 times faster than e-commerce platforms and continue to generate 1.8-2 times higher margins than external brands.

SourceET Retail
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