Megamart To Take Franchising Route
Sify:
Megamart, the value retail chain of Arvind Brands, will take the franchising route to reach its targeted turnover of Rs 1,000 crore in the next two years.
“We want to increase our focus on the franchising model and concentrate on Tier II and Tier III towns in the next few years,” said K.E. Venkatachalapathy, Chief Operating Officer, Megamart.
The value retailing chain, which currently has 115 stores across the country, plans to increase its footprint State-wise.
“We’ll do this by saturating the Southern states first and then move into other parts of the country,” he said.
Two formats
The company is expanding its presence through two formats: small stores (2,000-4,000 sq. ft) with an investment of about Rs 50 lakh-Rs 60 lakh per store and large format outlets (40,000-60,000 sq. ft) with an investment of about Rs 2 crore – Rs 3 crore each.Megamart has three large outlets located at Chennai, Pune and Bangalore.
The plan is to have 25 large stores and 500 small stores in about five years, Venkatachalapathy said.
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