Hyderabad, Sep 19: The retail venture of Arvind Limited, Megamart, plans to establish more than 400 large and small format stores across the country over the next three to four years at the proposed investment of 100 million US Dollar. Launching its 100th store recently in Karim Nagar in Andhra Pradesh, Arvind Brands&Retail CEO Suresh J said, ''We were the pioneers of value retail in India and launched Megamart when India had not even heard of the concept.
''After 14 successful years and achieving a 'mega' milestone of 100 stores across 41 cities, we plan to establish more than 400 large and small format stores across the country over the next three to four years out of which 25 to 30 will be the large format Megamart Outlet Centres in the cities, clearly establishing Megamart as a leader in the apparel and value-retail segment in India,'' a press release here quoted him as saying.
Arvind Brands&Retail COO Venkatachalapathy said, ''For the first time in 14 years, Arvind is shifting from their traditional format of company-owned and company-run (COCR) and are keenly exploring the franchise route in Tier II and Tier III cities with real estate of 1,500-2,000 sq ft.
The company expects to achieve sales of one billion USD from its 'brands' and 'retail' business alone in the next five years, he said.