Dubai-based retail major Landmark Group is going the franchising route to expand its retail presence in the country and open 50 more Easybuy stores over the next two years.
Targeted at the burgeoning middle class, this retail format will sport merchandise ranging from Rs 69 to Rs 699.
Easybuy Senior Vice President and Business Head Anand Aiyer said, “We have 10 Easybuy stores and are looking at 50 more in the next two years. In the first year, we are planning to open stores in Andhra Pradesh, Telangana, Karnataka and Tamil Nadu.”
“We have chosen south as we had test-marketed the concept in Karimnagar here,” he added.
Aiyer pointed out that the main focus of the company will be on opening new stores in tier-2 and tier-3 centres. A typical Easybuy store will be spread over 5,000 to 6,000 sft and entail an investment of Rs 1 crore, he added.
In its first year of operations, Easybuy has contributed revenues of over Rs 80 crore and is eyeing a target of Rs 180 crore this fiscal, he added.
Also, Landmark Group Executive Director Vasanth Kumar pointed out that the concept of Easybuy stores has been developed exclusively for the Indian market. “While we have brought our international retail brands like Max to India, Easybuy is a concept that we have created keeping in mind the needs of the Indian customers here. If this concept takes off, we might replicate this in other international markets as well.”