Evok Mega Home store, the specialty home interior destination brand by Hindware Home Retail Private (HHRPL), plans to open seven-eight Evok stores by the end of 2010-11. At present, the company has five stores in the NCR region and the sixth store was launched at Zirakpur (near Chandigarh) today.
Hindware Home Retail Chief Operating Officer D K Jairath revealed the new stores would be opened in Western and Southern parts of the country to help Evok create a pan-India presence.
In addition to Evok stores, the company would also open five specialty stores.
Hindware Home Retail is the subsidiary of Hindware Sanitaryware and Industries Limited (HSIL). Evok home interior destination brand was launched in 2008 and has six EVOK stores at present, essentially in the NCR region.
Eyeing presence across all major cities in India, Hindware Home Retail is pumping Rs 250 crore by 2012-13 in the retail store expansion and eyeing opening 50 stores by then.
Jairath maintained that with retail revenue ranging between Rs 600-800 per square feet, the company was eyeing turnover close to Rs 400 crore by 2012-13.
He also said local customisation would help company maintain the average retail revenues irrespective of the city whether metro or non-metro.
Even as there is no organised study conducted for the home interior specialty business, it is estimated the industry is worth $1.2 billion dollar growing at 30-35 per cent, dominated mainly by the unorganised players. Home Retail is eyeing 100 per cent annual growth in coming years, primarily driven through launching of new stores.
