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July 6, 2016
Sobia Khan & Richa
Maheshwari, The Economic Times
Bengaluru, 6 July 2016
Lifestyle
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)
