Landmark Book and music store, a lifestyle retail chain and a subsidiary of Tata group-owned Trent, has planned to launch eight new medium and large format stores in the country in the next two years.
With an investment of about Rs 4.5 to 5 crore per store, Landmark is looking at opening stores in Bangalore, Mumbai, Chennai and Chandigarh.
Recently it has opened its second 15,000-sq-ft medium store of in Pune. At present, Landmark has a total of 17 large company-owned stores in India.
"Landmark stores are growing at 20-25 per cent annually. We want to tap this segment by launching eight more new medium and large-format stores in tier-I and tier-II cities in the next two years,” said Ashutosh Pandey, COO, Landmark book and music store commenting on the development.
He further added, “The company is investing Rs 50 crore for this expansion. Our 45 per cent revenue comes from books and music. We have added two catagories that are sports and gaming zone which will focus on all the latest games and consoles."
He also added, "We are expecting over 50 per cent business from the newly added gaming zone in the next 7 to 8 years. Each section of gaming requires an additional investment of Rs 75 lakh. According to Pandey, the leisure and lifestyle market in India is growing rapidly.
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Landmark medium-format stores, ranging from 15,000 sq ft to 16,000 sq ft, required an investment of Rs 4.5 to 5crore, while the large format stores need Rs 8-9 crore.
The company plans to open a third store in the city this year, followed by Chandigarh, Bangalore and Chennai or Mumbai later this financial year.