Metro Shoes plans to open 30 new stores this fiscal despite a dip in sales. The sales fell five per cent in same stores sales growth.
“In the last three months there has been a slowdown in sales. Same stores sales have gone down from 14 per cent to eight per cent across all our formats. There have been headwinds for most retailers and consumer sentiments have been negative. But opening new stores will ensure that we grow,’’ states Rafique Malik, Managing Director, Metro Shoes.
The brand has 230 stores in 60 cities at present.On increasing the store count, Malik says, “We will be adding another 30-35 stores this year with an investment of nearly Rs 80 lakh a store. Bank funding is the cheapest form of raising money and we will be raising debt to fund our expansion.” He further adds, “We expect to grow at 30 per cent CAGR on the back of the new store launches this year and we believe our customers experience better service at our store compared to our competitor.”
It is also working towards increasing its presence in tier III and tier IV towns with all its three formats – Metro, Mochi and MSL (More for Less).