Future Group today said it will double the number of its flagship multi-brand 'Pantaloon' stores in the next three to four years, as it embarks on an image makeover for the apparel and accessories chain to target youngsters.
Group company Pantaloon Retail India, which opened its 50th store spread across 31,109 sq ft here, plans to add another 50 Pantaloon stores across metros and smaller cities.
"In the next 3-4 years, we are looking to add around 50 new Pantaloon stores across the country," Future Group Director and CEO (Retail) Rakesh Biyani told reporters here.
He said 18 such stores are in the process of being opened and agreements with various real estate developers have been signed for a dozen more.
The company will focus on top seven cities in India along with the various state capitals under its expansion.
A Pantaloon store is spread across 25,000 sq ft to 30,000 sq ft on an average, he added.
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The funds for the new Pantaloon stores will be part of the Rs 2,100-crore investments to be made by the Future Group over the next three-years, which was announced earlier this month.
Besides, the group is also changing the look and feel of its Pantaloon stores by making it more colourful and vibrant, starting with the latest one here, with a focus to attract more young consumers.
"With the new ambience within the store, we are targetting young high spending consumers. In a period of two to three years, our existing Pantaloon stores, especially in the metros will also be revamped," Biyani said.
The Pantaloon stores contribute 15-20 per cent of Pantaloon Retail India's total sales, a company official said.
Pantaloon Retail India had posted a turnover of Rs 2,581.42 crore in the quarter ended September, as compared to Rs 1,954.21 crore last year. Its net profit stood at Rs 42.76 crore, as against Rs 26.33 crore the year-ago period.