Fashion, lifestyle, and beauty brand Lifestyle has unveiled an ambitious growth strategy, announcing its plan to open a minimum of 50 new stores within the next three to four years. Recognising the surging demand for branded retail in rural areas, Lifestyle aims to tap into this market by expanding its presence in smaller towns and cities across India.
In order to effectively reach non-metro locations, Lifestyle intends to adopt a smaller format store model for its forthcoming expansion phase, as reported by the Indian Retailer Bureau. The company has already conducted a successful pilot program in Tier-2 and Tier-3 cities, affirming the viability of this approach for meeting the unique shopping preferences of customers in these areas.
Celebrating a significant milestone, Lifestyle recently inaugurated its 100th store in Raipur, situated within the city’s prominent Magneto Mall. This achievement further bolsters the company’s strong presence in the region. Building upon this success, Lifestyle plans to open between 18 and 20 additional stores during the upcoming 2024 financial year.
Lifestyle boasts a diverse range of fashion and beauty brands, including both third-party labels and its own private labels that offer a higher profit margin. With a strategic focus on promoting its private label brands, the company aims to leverage its control over pricing and market insights to identify gaps in the industry. By launching tailored products that cater to specific customer needs, Lifestyle aims to further solidify its position as a market leader.
