Lifestyle plans to expand; sees way forward through malls
By Our Corporate Bureau | 26 Jul 2004
Bangalore: Lifestyle, part of the Dubai-based retail chain Landmark Group, is in an expansion mode. From seven outlets at present in the major metros the company is targeting to open another 14 stores in the next three years and is targeting revenues of Rs700 crore by 2007.
The company earned Rs250 crore in India last year.
According to sources the company would invest close to Rs140 crore towards expansion and would finance it through internal accruals and borrowings.
At present the size of the organised retail market in India is about $5 billion and is growing at a scorching pace with at least over 200 malls slated to come up in the next five years.
Lifestyle has a market share of one per cent in the organised retail industry in the country. The company is hoping to increase its share in the sector to two to three per cent in the next three-years.
The company will expand only through the mall route. Company officials say the company will focus on building the brand in anchor stores and in good locations such as malls.
Lifestyle earlier launched 'Lifestyle Weekends' in the Bangalore outlet. As per the programme, Channel V popstars Aasma will perform live at Lifestyle outlets across the country on specific dates
