ITC is planning to open more John Players exclusive stores. The brand is increasing the number of stores to 300 by this month-end from 225 earlier. But once bitten by overzealous expansion, ITC is now careful about where it sets foot. It does not want to shut shop as it had to do with 30 stores in the last two years.
With an estimated size of Rs 4,000 crore, the mid-priced menswear segment ranges from Rs 800- 1,500 per item and has regional players such as Turtle, private labels of large format retailers and Madura Garment’s Peter England.
The new stores that are set to open would be smaller but numerous. “For an area which needs a 5,000 square feet store to cater to it, we will have five 1,000 square feet stores. The profitability also improves with smaller stores,” Atul Chand, Chief Executive of ITC’s lifestyle retail business division explains. The brand is also available in 1,000-1,100 multi-brand outlets.