1-India Family Mart to open 100 new stores by 2022
Dec 31, 2019
Fashion retail chain 1-India Family Mart, owned by Nysaa Retail Private Limited, is planning to strengthen its retail presence by opening around 100 new stores by 2022.
The company will be targeting tier 3, 4 markets for its retail expansion, and plans to open its new stores in states like Odisha, West Bengal, and North East.
1-India Family Mart had reported revenue of Rs 420 crore ($59 million) last fiscal year and expects to close this fiscal year with sales of around Rs 700 crore, on the back of its retail expansion.
"We have recorded the fastest growth in the value retail segment and have completed 100 stores in six years. Now we are planning to further expand our presence in tier-3 and 4 markets and we aim to complete the next 100 stores by 2022," JP Shukla, chief executive officer and co-founder of 1-India Family Mart, told Moneycontrol.
“The year 2019 has been a tough year in terms of the consumption but we are putting in best of the efforts in marketing, product profiling, technology, and customer profiling to grab the best we can,” Shukla added.
1-India Family Mart sells clothing and lifestyle accessories and currently has 100 stores across 81 cities in UP, Bihar, Jharkhand, Chhattisgarh, Orissa, North East, and West Bengal.
Copyright © 2020 FashionNetwork.com All rights reserved.