1-India Family Mart eyes Rs 650 crore revenue this fiscal
Value retail chain 1-India Family Mart owned by Nysaa Retail Private Limited is eyeing revenue of Rs 650 crore ($91.5 million) for the current financial year as it expects strong festive season sales in the coming months.
The company has increased its marketing spend by 2 percent to widen its reach and boost sales to achieve its revenue target. Nysaa had reported revenue of Rs 250 crore for the 2018 financial year.
1-India Family Mart will also be strengthening its retail presence by adding 15 more stores in tier 2, 3 and 4 towns before the end of the current fiscal year.
"The festive season is a very critical period for a fast-growing value retail chain like ours, the marketing push during this time helps in reviving consumer sentiment and promoting sales. Last year, 1-India Family Mart’s total spending was 1.5 percent of its total marketing budget. However, this year we have doubled the budget to 3.5 percent," Ravinder Singh, founding director of 1-India Family Mart, told the Economic Times.
Sharing his growth strategy and expansion plans, Singh added, “We are looking to cash in on small town fashion trends to beat the slowdown blues and are aiming to generate double the revenue. We are planning to open 15 more stores this year, targeting to increase our presence majorly in Assam, Bengal and Odisha.”
1-India Family Mart sells clothing and lifestyle accessories and currently has 99 stores across 81 cities in UP, Bihar, Jharkhand, Chhattisgarh, Orissa, North East, and West Bengal.
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