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Promart to open 100 new stores by 2013
12
Jun '12

Planning to launch 100 new stores by 2013, multi-brand discounted retail chain, Promart Retail India, has inked 50 franchises.

The new outlets are proposed to be launched in Tier II and Tier III cities in Himachal Pradesh, Haryana, Maharashtra, Jammu and Kashmir, Rajasthan and Punjab, with each outlet necessitating an initial investment of one million rupees and retail space of about 750-1,000 sq ft.
 
At present, the company operates outlets in Ahmedabad, Mumbai, Vadodara, Vapi, Rajkot and Aurangabad.
 
Managing Director of Promart Retail, Mr. Ashish Garg said penetration in smaller cities forms a part of their overall business strategy. He said they intend to open 100 new stores in the cities that they have identified as potential retail markets by 2013. 
 
The company would open the new outlets through the franchise model and expects the model to generate a turnover of two billion rupees, Mr. Garg said.
 
Launched by Provogue India, the Promart Retail chain was acquired by VEMB Lifestyle Pvt Ltd and Apple Group of Companies in 2011. As a part of the deal, the two acquirers obtained full control over the assets and intellectual property of the brand.
 
The retailer now holds licences for more than 50 brands including Pepe, Spykar, Levis, Wrangler, Lee, J. Hampstead, Arrow, Gini & Jony, Black Panther, Puma, Mufti and Sepia.
 
 

Fibre2fashion Newsdesk - India

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