Megamart, the value retail store format from Arvind Limited has hit century with taking its footprint to 100 with the launching of its store at Karim Nagar in Andhra Pradesh. Megamart has so far successfully built up its retail network in 41 cities. Speaking on the occasion, Mr. Suresh J, CEO, Arvind Brands & Retail said: "Arvind has always been a progressive and growth driven company. We were the pioneers of value retail in India by launching `Megamart` when India had not even heard of the concept. After 14 successful years and achieving a `mega` milestone of 100 stores across 41 cities, Arvind has now set eyes on an aggressive expansion plan to establish Megamart as a leader in the apparel and value retail segment in India. We plan to establish more than 400 large and small format stores across the country over the next three to four years - out of which 25 to 30 will be the large format Megamart Outlet Centres in the top cities clearly establishing Megamart as a leader in the apparel and value retail segment in India." The company is now mulling franchise route for its aggressive expansion in tier II and tier III cities. Each store will require an area of 1500-2000 sq ft. A robust IT support will be implemented to have seamless supply chain management to keep pace with the growth, informs Venkatachalapathy, COO, Arvind Brands & Retail. Arvind has pumped in US$100 million to meet this end and is targeting to generate a turnover of US$1 billion from its brand and retail business within next five years. Also, plan is afoot to introduce new formats and partnerships.
