Arvind Brands has unveiled a mega expansion plan for value retail network – Megamart. The company intends to pump in $100 million.
The company opened its first store in Chennai spread over 45,000 sft and also houses a cafe coffee day outlet. It also offers easy utility payment counters. On the merchandise side, it has range of apparels and accessories including footwear, luggage, cosmetics and home furnishings at a discount.
The company which has 75 Megamart stores plans to add another 200 by 2010. Most of them will come in Tier-II and Tier-III cities as the company’s survey expects most of the people residing in these areas will graduate to branded apparels. Each large format store will involve an outlay of Rs 8 – 12 crore.