After reaching the 50-store-mark across 27 cities, Future Group’s
apparel retail chain Pantaloons is on a further expansion mode. It plans to double the number of stores over the next three years. The average size of the new stores will be around 25,000-30,000 sq. ft. with a retail jump of around 18 stores to be opened within a year’s time. Pantaloons is currently targeting smaller cities such as Durgapur, Guwahati, Vizag and Mysore along with increasing footprint in the metros. With average sales per sq. ft. of around Rs 10,600, the company is doing well in all the metros as well as growing at a healthy rate in the Tier II cities.
Rakesh Biyani, Director and CEO Retail, Future Group says Delhi is their key markets. They have 10 stores in Mumbai and five in Kolkata. Apart from these cities, they are planning to expand in all state capitals. Though the focus is on cities, they will expand to emerging markets as well.
Future Group expects to entail an investment of around Rs 700 crores towards Pantaloons’ expansion. The company will be investing around Rs 4,500 per sq. ft. on the upcoming stores and each store is expected to break even within four months to a year. Next on the charts is a revamp of existing Pantaloons stores within a couple of years to rope in new customers.
Led by Pantaloon Retail, the group’s flagship company, the Future Group manages some of India’s most popular retail chains like Pantaloons - a chain of fashion destinations, Big Bazaar - a hypermarket chain, Food Bazaar - a supermarket chain that blends the look, touch and feel of Indian bazaars with aspects of modern retail. Besides Pantaloons, the company has plans for similar expansion of other retail chains including Big Bazaar and Food Bazaar.