Future Group’s apparel retail chain Pantaloons is on an expansion spree. The company plans to double the number of Pantaloons stores over the next three years.
At present, Pantaloon Retail owns and operates 50 stores across the country and expects to open another 50 Pantaloons stores over the next three years. The new stores, spread across 25,000 to 35,000 sq ft, would be trendier in style and designed to appeal the young buyers.
“Around eighteen new stores will be opened over the next one year while the remaining over the next two years,” said Rakesh Biyani, director and CEO, retail, Future Group. He said the company is targetting smaller cities such as Durgapur, Guwahati, Vizag and Mysore along with increasing footprint in the metropolitan cities.
Future Group expects to entail an investment of around R700 crore towards the expansion. Pantaloon stores offer accessories such as watches, apart from multi-brand apparel for men and women. “We invest close to R4,500 per square foot on the new stores and each store breaks even within a time span of four months to about a year,” Biyani said. He said new stores would provide the touch and feel experience to the young high-spending buyers. “We will revamp the existing Pantaloons Stores as well in a couple of years.”
Biyani said he would continue to devise similar strategies for expansion of other retail chains of the Future Group that include Big Bazaar and Food Bazaar.