Metro Brands plans to open 160 stores in FY23
Footwear retailer Metro Brands plans to open 160 brick-and-mortar stores in the 2023 financial year as the business pursues an omni-channel expansion strategy.
Metro plans to open the stores in a mix of locations, from metros to more rural. The business will open stores for the different Indian and international footwear brands it operates as well as its private label brand Metro.
“We are pleased to see traction in all our concepts of Metro, Mochi, Walkway, and Crocs,” Metro Brands CEO Nissan Joseph told the Times of India. “We also are encouraged by the growth we have witnessed across the multiple tiers of cities that we operate in and the continued growth of our e-commerce and omni-channel business.”
Metro Brands is already going full steam ahead with offline expansion and opened a total of 33 new stores in the recent third financial quarter. As part of its omni-channel strategy, the business is also continuing to expand both its online presence and services.
Last year, Metro Brands reported 114% growth in its e-commerce business which grew from 2.5% of its total revenue to 9.2% of its total revenue. Shoppers staying at home during various levels of lockdown and turning to online shopping contributed to this as well as the business’ increased focus on its e-commerce segment.
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