Family fashion products retailer V-Mart Retail is looking to adopt the omnichannel model (offline and online retail), in order to further expand its business by reaching more customers.
The retailer is looking to invest ₹100 crores to open new stores and set up a new warehouse, in the next fiscal.
The new warehouse is expected to be set up in Uttar Pradesh or Bihar, considering around 75% of their stores are present in Uttar Pradesh, Bihar, Uttarakhand, and Jharkhand, said the company.
“We are considering an omnichannel strategy and plan to get into online retail to reach our customers. It may happen by end of next year,” said Lalit Agarwal, chairman and managing director, V-Mart Retail.
V-Mart was launched in 2002, it is mostly present in smaller towns, following a cluster-based model. The retailer sells products across apparels, general merchandise, and kirana good categories. V-Mart claims to have 186 stores across 153 cities in 15 states and union territories, covering a total retail area of 1.5 million sq ft.
Over the next five years, V-Mart is looking to invest ₹300 crores, in order to double the number of stores and treble its turnover to ₹3,500 crores.
It is to be noted that more and more online retailers are also looking to expand their offline presence, adopting the omnichannel model.
Last month, it was reported that online fashion retailer Myntra was looking to foray into offline retail for cosmetic products. Myntra also acquired Pretr, an omnichannel retail platform.
Indian e-commerce space is widely dominated by Indian e-commerce giant Flipkart and US-based global online retailer Amazon.
As the e-commerce space gets more competitive, both online and offline retailers will be looking to adopt the omnichannel model to expand their business and enhance customer experience.