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By
Fibre2Fashion
Published
Jun 2, 2022
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V2 Retail to open 20 new stores in UP, Eastern India for expansion

By
Fibre2Fashion
Published
Jun 2, 2022

Apparel chain, V2 Retail, is zeroing in on high-street markets in tier 2 and tier 3 cities of UP, Odisha, and Bihar for their further expansion. The company, which has its presence in over 100 cities across the country, is planning to open 20 more stores by shelling out of 25 crore investments to take the overall count to 120 over the next three quarters.  

V2 Retail, as per its growth strategy, is expanding into the smaller tier-II cities that have aspirations and an emerging consumption class. The deal sizes ranged from areas as low as 4,000 square feet to 12,000 square feet, the company said in a media statement.



Various reports have stated that among the categories which closed high street leases, apparel had the largest share of deals with over 23 per cent.

“We are excited as we are on the course to complete the milestone of reaching over 100 high fashionable stores this fiscal year. Currently, we have 100 stores in over 100 cities. In these post-pandemic times, we have witnessed that the high-street markets have been doing very well. We are using our competitive advantage to come up with lucrative deals for expanding our footprint and gaining a larger market share,” Akash Agarwal, director, V2 Retail, said.

“India’s per capita income is increasing and people are more in the need of good quality products. It’s a huge market which has a bulk population with different needs and extensive purchasing power. So, tier 2 and tier 3 are very potential markets for us. The delivery is faster in those cities and there are no common area charges (CAM) involved, that’s also one of the primary reasons why we are going back to these clusters. The pandemic has shown us that our strategy was in the right direction. This is a good sign and the people continue to be price conscious and promotion conscious. People are checking the price and promotions before buying an item of their choice. People have also started to check the source of the origin of the products,” Agarwal said.  

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