Kolkata: V-Mart Retail would open stores in West Bengal to tap the potential in suburban markets of the state, a company official said.
"We are going to open five stores in West Bengal in this fiscal. We are looking at the suburban markets in Tier 2 and Tier 3 towns", V-Mart Chairman and Managing Director Lalit Agarwal told PTI.
With a turnover of Rs 750 crore, V-Mart was having 108 stores across 93 cities across 12 states covering 8.9 lakh square feet, including some flagship stores in metros like Delhi.
Agarwal said that their business policy was to address the aspirational fashion buying by the young people in the Tier 2 and Tier 3 cities whose purchasing power was limited.
"We are mainly fashion retailers, although there are about some 34 stores which also sell FMCG items. We have decided not include an FMCG items in upcoming stores", he said.
To a query, he said that the company was adding 20 to 25 stores per year, adding that the topline had grown 30 percent CAGR for the last seven years.
"We expect to maintain the same kind of growth in the current fiscal," he said.
