V-Mart strengthens retail footprint with four new stores
today Oct 18, 2019
Value fashion retailer V-Mart Retail Ltd has strengthened its retail presence with the addition of four new stores in the country.
The new stores were opened in the state of Arunachal Pradesh, Uttar Pradesh, Delhi, and Jammu & Kashmir, respectively.
With these store openings, V-Mart entered a new state of Arunachal Pradesh while increasing its count in Uttar Pradesh to 91, in Delhi to three and in Jammu & Kashmir to seven.
V-Mart Retail has earmarked an investment of Rs 115 crore ($16.1 million) on its expansion in the country and aims to close the year with a store count of 275.
On the back on its retail expansion, V-Mart expects strong sales during the upcoming festive season resulting in higher profits.
The economic slowdown took its toll on the company in the second quarter with net profit falling 29 percent to Rs 18 crore due to the liquidity crunch and poor consumer spending.
However, despite the slowdown, V-Mart has continued with its planned expansion especially in tier 2, 3 and 4 towns of the country.
With the addition of the new stores, V-Mart Retail currently has 243 stores in 186 cities across 19 states.
Copyright © 2019 FashionNetwork.com All rights reserved.