Megamart opens its 100th store in India

Furthering their reach in India – value retail chain store – Megamart from the house of Arvind Limited has recently achieved the 100 mark with its 100th store in Karim Nagar in Andhra Pradesh. Future plans include setting up of 400 stores in the next 3-4 years.It is believed that the expansion of the stores is taking place with help of adopting the franchisee route rather than sticking to company-owned and company-run stores. Explaining the same, Venkatachalapathy, COO, Arvind Brands and Retail said, “For the first time in 14 years, Arvind is shifting from the traditional format of company-owned and company-run and are keenly exploring the franchisee route in tier II and tier III cities with real estate of 1500-2000 sq.ft. To strengthen backend operations and to manage the supply chain of goods, Arvind is investing in developing and embracing state-of-the-art IT technology to help with the roll-out of expansion.”With a proposed investment of USD100 million, Arvind has propelled itself into an aggressive mode to expand their retail business. The company has set itself a benchmark to achieve sales of USD1 billion from its brands and retail business alone, in the next five years and to achieve this turnover, the company is looking to implement new formats and forge new partnerships.