$200m rollout plans for Planet M + Next chain by Videocon

The Dhoots of Videocon Retail have lined up a $200m rollout plans for Planet M and Next chain of retail stores. Planet M retails Music, Books, Gifts, Mobiles and other Accessories while Next is a consumer appliances and electronics retailer.

Planet M at Hyderabad launched a store with cafe earth, the first of its kind in its chain.

Mr. Saurabh Dhoot told,

We are going to add 40-50 Planet M stores every month in the next few years to reach 1,500 outlets. We have so far ramped up 80 stores offering mobile phones, accessories apart from entertainment products. A good number of Planet M stores would have such cafes [cafe earth].

The concept of attaching a store reminds me of Barnes & Noble in the US.

Planet M which had a turnover of $100m last year is planning to hit the $1bn mark within the next 3 years by which it hopes to have 1,500 outlets. Private labels constitute 15% to the top line. Mobile Phones segment contributed around 38% to the topline.

The company also plans to increase the number of Next stores from 400 to 700 with presence in 200 Indian cities. Videocon group had acquired Next last July.