Having launched its first store in Ahmedabad post-acquisition by VEMB Lifestyles Pvt. Ltd., the Promart Retail India Pvt. Ltd. is eyeing a Rs 100 crore business from Gujarat by next year. The company plans to achieve this through an expansion of its retail network in the state.
A lifestyle retailing brand in the value format, Promart was a division of Provogue India earlier which was later acquired by VEMB Lifestyles Pvt. Ltd. and Apple Group of Companies. “While we have launched our first store in Ahmedabad, over the next one year we will be opening 11 more stores in Gujarat. With this, we hope to garner a turnover of Rs 100 crore from Gujarat alone during the fiscal 2012-13," said Ashish Garg, director and chief financial officer, Promart Retail India Pvt. Ltd.
Spread across an area of 12,000 sq ft the newly launched Promart store in Ahmedabad will offer an extensive range of apparel, accessories, bed linen, home furnishings, kids toys and electronics for men, women and kids of all age groups.
Talking about the launch, Punit Agarwal, chief executive officer, Promart Retail India Pvt. Ltd. said, "Ahmedabad is a very important market and we plan to create significance presence across the state of Gujarat which is in line with our overall growth strategy. We plan to expand our operations in Surat, Vadodara, Rajkot, Bhavnagar, Jamnagar and Mehsana in the next six months.” The company would primarily focus on tier two to tier six towns in the state and look to attract middle to lower middle class consumers.
"Our target will be people who have budget spending. However, our key focus area for the business will be inventory management which will not only bring down our costs drastically but will enable us to achieve healthy profit margins. That said, we plan to achieve a healthy growth trajectory by infusing Rs 100 crore by 2012," said Garg.
