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Landmark Group to invest Rs 250 cr for expansion

india Updated: Mar 29, 2009 20:17 IST
Saurabh Turakhia
Saurabh Turakhia
Hindustan Times
Landmark Group to invest Rs 250 cr for expansion

Dubai-based Landmark Group, which has been in India for about 10 years now, is planning to expand its operations in the country.

“We will invest Rs 250 crore in the next two to three years towards expansion of our departmental Lifestyle stores and home furnishing Home Centre stores,” said Kabir Lumba, executive director, Landmark Group.

Shankar Suryanarayan, vice-president, marketing, Lifestyle said plans are afoot to up the store count for both the formats.

“We expect the Lifestyle store count to go up from 15 to 35 and the Home Centre store count from 8 to 15 in the next three years,” he said.

The average store size for Lifestyle is about 40,000 to 50,000 sq feet and that for Home Centre is about 18,000 to 20,000 square feet.

“In organised retail, apparel, health and beauty, footware and home furnishings are the categories that are expected to clock a 20 to 30 per cent growth,” he said.

Despite the financial meltdown, Lumba remained moderately optimistic in the short term. “We have built over Rs 800 crore business in India and operate in most of the big cities, which gives us a slight advantage,” he said.

Suryanarayan said there was a slight slowdown on the demand side, with footfalls on the decline.