Woodland to open 25 to 30 stores this financial year
Apparel, footwear, and accessories brand Woodland plans to open between 25 and 30 new brick-and-mortar stores this year in a return to its pre-pandemic expansion strategy.
The business, owned by Aero Club, has seen its sales begin to recover from the challenges caused by Covid-19 and is confident of reaching pre-pandemic revenue levels of around Rs 1,200 crore annually in the 2023 financial year which ends in March 2023, the Economic Times reported. The brand’s initial plan is to open 25 to 30 new stores and it could increase this number depending on the market sentiment.
The brand will also focus on opening larger size stores measuring around 2,000 square feet for its upcoming openings. These stores will focus on customer experience and will also include Woodland’s apparel and fashion sub-brand Woods.
During the pandemic, Woodland closed down over 40 of its total of 600 exclusive brand outlets. The business is therefore keen to restart its offline retail expansion plans as part of its omni-channel approach.
E-commerce sales will also play an important role in Woodland’s sales growth this fiscal, Aero Club’s managing director Harkirat Singh told ET Retail. Online sales contributed 40% to 50% of the brand’s revenue during the pandemic and Singh expects online contribution to remain high this fiscal with around 70% of sales predicted to come from offline retail and around 30% from online.
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