Published
Sep 2, 2019
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V-Mart Retail earmarks Rs 115 crore for domestic expansion

Published
Sep 2, 2019

Value fashion retailer V-Mart Retail has earmarked an investment of Rs 115 crore ($16.1 million) on its expansion in the country as it looks to 60 new stores during the current financial year.
 

V-Mart Retail earmarks Rs 115 crore for domestic expansion - V-Mart


The company will be opening its new stores in tier 2, 3 cities and expects to generate employment opportunities to around 2,000 people through its expansion.
 
V-Mart is expecting a surge in sales of its private labels on the back on this massive expansion and expects margins to improve by next fiscal year.

"We have plans to add 60 stores this year (fiscal) in our network, taking the total count to 275. We would hire around 2,000 people this fiscal to enhance our back-end support and manpower," V-Mart Retail chairman and managing director Lalit Agarwal told PTI.
 
"We would be investing around Rs 1.5 crore per store (on average) and additionally invest around Rs 25 crore in warehouses and training of staff and more. The investment would primarily come from internal accruals and some from debts from financial institutions,” he added.
 
V-Mart Retail currently has 233 stores in 181 cities across 18 states and is also working on an omnichannel retail strategy by integrating offline stores with its online e-commerce portal to boost sales.

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