India’s value fashion retailer V-Mart, which has majority of its presence in the country’s smaller towns, is assessing an omni-channel (physical and online retail) strategy to boost its business and expand the reach.
Reportedly, the company is eyeing to inject a capital of worth Rs. 100 crores in the next fiscal year to open new outlets as well as set up a warehouse.
Elucidating about the foray into the online market, Lalit Agarwal, Chairman & MD, was quoted as saying to the media that “We are considering an omni-channel strategy and expecting to enter the online segment by the end of 2019.”
The upcoming warehouse will be made operational in either Uttar Pradesh or Bihar, affirmed the Chairman of V-Mart. The current distribution centre is situated in the outskirts of Gurgaon (Haryana) which caters to the services of all of the brand’s stores.
Interestingly, V-Mart at present runs around over 180 outlets in 12 plus states in the country. It aims to open over 200 stores in the next five years to form a network of 400 outlets. The major operating locations for the retailer are in tier II, tier III and tier IV cities and works on a cluster-based model to expand. It has a set an ambitious goal to invest Rs. 300 crores to expand its outlets and treble its turnover to Rs. 3,500 crores by the end of 2023.
It is pertinent to mention here that during the last fiscal, the company witnessed a turnover of more than Rs. 1,200 crores.
