FootMart to spend Rs 40 cr on 15 stores

FootMart Retail India, a 51:49 joint venture between Pantaloon Retail and Liberty Shoes, will dabble in 'value retail' and 'life style' formats in shoe retailing.

The company plans to spend Rs 30 crore to Rs 40 crore on 15 value retail stores and a couple of 'lifestyle' format stores by end of the financial year.

Addressing a press conference here, Anupam Bansal, director, Footmart Retail India said that while 'Shoe Factory' is a value store based on the price-driven concept, the lifestyle store is a high-value brand-driven concept. The company is working on a suitable brand name for it.

Under the Shoe Factory format, the company is targeting budget customers with a price point for men starting Rs 299, women at Rs 199 and children Rs 99. The For 'lifestyle' formats, higher-income category will be targeted with the first store likely to come up either in Noida or Bangalore, he added.

Presently, the company is concentrating on opening more Shoe Factory stores in India with a budget of Rs 30 crore to Rs 40 crore for 15 stores by the end of the financial year and one or two 'lifestyle' formats stores.

Zero Uno, an Italian design company, has been hired to develop the design format for its lifestyle stores.