Landmark group to expand Lifestyle stores

Dubai-based $3.2 billion Landmark Group would invest about Rs 1,000 crore for expanding its Lifestyle stores and supermarkets over the next three years, a company official said today.

"We will be investing close to Rs 1,000 crore over the next three year period... It will be done to expand Lifestyle and also our hyper and supermarkets," Landmark Group Director Ramanathan Hariharan told reporters here.

Of this, Rs 500 crore would be invested in Lifestyle International business while the remaining would be used for expanding the supermarket and hypermarkets.

He said the company would increase the presence of Lifestyle stores from the present 21 to 40 over the next three years. "This year we will be opening seven more stores taking the total to 28...And from next year there will be some more stores and by 2013 there should be 40 Lifestyle stores..."

On future outlook, he said the company is expecting over 50 per cent growth in turnover this year.

"Last year we reported around Rs 1,250 crore and this year we expect to cross Rs 2,500 crore...," he said, adding that the main business would be driven by Lifestyle International stores.