V-Mart looking to open 15 stores in small towns

V-Mart has said it plans to set up 15 new stores in small Indian towns in the next fiscal. 

“We plan to open 15 more stores in the coming fiscal,” V-Mart Chairman and Managing Director Lalit Agarwal said. 

V-Mart has raised Rs 10 crore from internal accruals and debt to set up eight stores in the first quarter of fiscal 2010-11 in Begusarai, Basti, Dahej, Faizabad, Ratlam, Moradabad, Shahranpur and Balia, Agarwal said. 

He, however, did not divulge details about the investment required to set up the remaining stores. 

The company plans to add three lakh sq ft to its existing over four lakh sq ft in FY 11. 

V-Mart now plans to consolidate, re-strategise its expansion, negotiate rentals and reduce inventory to cut costs, Agarwal said