Lifestyle, a retail fashion brand owned by the Landmark Group, will be investing about ₹140 crore during the current fiscal for opening new stores, according to an official.
“We are planning to open 12 to 14 stores during the current fiscal,” said Srinivasa Rao, senior vice-president, Lifestyle International Pvt. Ltd. “The investment per store will be about ₹8 crore to ₹10 crore,” he added.
Currently, Lifestyle has 70 stores in the country. Next fiscal, the company would be opening 8 to 10 stores. The funds for opening the new stores would be met from internal accruals.
According to Mr. Rao, in the next two weeks, the company would be opening stores at Kota in Rajasthan and Bengaluru. This would be followed by New Delhi, Hyderabad, Chennai and Odisha.
On revenue, he said the retail chain would post an average growth of 20% year-on-year basis this fiscal. “South leads the region in sales, followed by the west, north and east. We are already present in tier-2 and tier-3 cities. Most customers are in the age group of 30-32 years and their average spending is ₹3,000 per person,” he said.
On Monday, Lifestyle opened its fifth store in Chennai. The new store located in VR Chennai shopping mall in Anna Nagar is spread across three floors and 75,000 sq.ft. It offers customers a variety of national and international brands such as Ginger and Global Desi, Melange, Vero Moda, Code, Jack and Jones, Van Heusen, Forca, Pepe Jeans, India Terrain, Bossini, Catwalk, Red Tape, Tommy Hilfiger, Fossil, Lakme and others.