Lifestyle plans to open 50 stores in the coming three to four years
Fashion, lifestyle, and beauty business Lifestyle plans to open at least 50 new stores in the coming three to four years. The business aims to harness the growing popularity of branded retail in more rural areas and expand into smaller towns and cities across India.
Lifestyle plans to cater to non-metro locations by opening smaller format stores in these areas for its next round of brick-and-mortar retail growth, Indian Retailer Bureau reported. Lifestyle has already carried out a pilot programme to test these smaller stores in Tier 2 and 3 cities and has ascertained that this formula best caters to shoppers in these kinds of towns and cities.
Lifestyle recently opened its 100th store in Raipur in the city’s Magneto Mall, the mall announced on Facebook. During the 2024 financial year, the business plans to open between 18 and 20 new stores.
As well as opening new stores, Lifestyle has collaborated with a number of developers to boost productivity in its existing stores across India. The business aims to increase same-store sales and traffic.
Lifestyle retails a mix of third-party fashion and beauty brands as well as its own private labels, which have a higher profit margin. The business plans to focus on promoting its private label brands, with which it has more control over pricing, and aims to use them to identify gaps in the market and launch products which cater to their customers’ specific needs.
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