Sobia Khan & Richa
Maheshwari, The Economic Times
Bengaluru, 6 July 2016
International, the Bengaluru-based retailer, has set a target of
becoming a billion-dollar (nearly Rs 6,750 crore) turnover company by
March 2017 by adding more stores, a top official said.
“This will be the most aggressive expansion for the company post 2010. Our expansion plan is firm, we have been on track. But sometimes malls get delayed,” said Kabir Lumba MD Lifestyle International. The company clocked a turnover of Rs 5,700 crore during the last financial year. Lifestyle International operates stores under Lifestyle, Max and Home Center formats across major cities.
The company plans to open around 25-30 Max stores, 10-12 Lifestyle stores and 3-4 Home Center forums in tier I and II cities including Bengaluru, Delhi, Agra, Indore, Lucknow and Howrah.
“We started getting into tier II towns sometime back and we are seeing healthy traction across all regions for both tier I and tier II cities,” said Lumba. The company currently has around 230 stores across Lifestyle, Max and Home Centre formats in India. The Indian retail sector is seeing huge competition from e-commerce giants like Amazon, Flipkart, Myntra and Snapdeal.
“Overall there is greater confidence among retailers. Earlier, there was threat from ecommerce platforms in terms of discounting, impacting footfalls. But this is diminishing now and is positive for retail industry,” said Devangshu Dutta CEO Third Eyesight, a retail consultancy firm.
Globally, India is among the top 10 retail markets. According to a recent report by Confederation of Indian Industry (CII) and consulting firm The Boston Consulting Group, the retail sector in the country will double to levels of $1.1-1.2 trillion by 2020 from $630 billion in 2015.
(Published in The Economic Times)