Opens first shop-in-shop store at Magnet Mall, Mumbai.
Multi-brand retail chain, Promart Retail India Private Limited, plans to open 100 stores across India in the next 12 months. To jump start the expansion plan, the company opened its first shop-in-shop store at Magnet Mall in Mumbai.
Promart stores are already running successfully in Ahmedabad, Rajkot and Vadodara. The company plans to establish a footprint in Bharuch, Bhavnagar, Jamnagar, Surat, Vapi, Valsad, Nagpur, Aurangabad, Pune, Indore, Jaipur , Udaipur, Delhi and NCR in the coming months as part of its next phase of business expansion.
Speaking at the opening of the Promart shop-in-shop in Mumbai, Ashish Garg, Managing Director, Promart Retail, said, “We have already invested Rs 100 crore as a part of our overall expansion strategy in the current financial year and plan to pump in more equity as we are focused on opening 100 stores across India. We plan to venture into the tier II-tier VI towns, thus bringing the latest fashion trends even to the Indians who do not live in urban areas.”
Punit Agarwal, Chief Executive Officer, Promart Retail, said, “Keeping in mind the growing consumer sentiment for discounted prices, we plan to open stores in smaller cities located at malls and high streets where the proximity to and convenience of customers is kept in mind. We want to be present where our consumers are and we want to offer to them the right mix of products at affordable prices. Moreover, the company will focus on inventory management as one of the key areas in order to grow the business by leaps and bounds.”