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Department store chain, Lifestyle is looking at expanding its stores in tier 2 after predominantly focusing its expansion so far in metros and tier 1 markets. After opening 100 outlets since launching its first store in 1999, it now aims to open 50 stores over the next 3-4 years.
“We piloted a couple of stores in tier 2 markets like Patiala and that model is working for us. Now that gives us the confidence that there are significant growth opportunities available by expanding In tier two markets,” Devarajan Iyer, executive director and chief executive officer at Lifestyle told Business Standard.
As it is a big box retailer, Iyer said that its store size is typically in the range of 40,000-45,000 sq ft but in tier 1 and tier 2 cities, the retailer is experimenting with smaller stores which are in the range of 25,000-30,000 sq ft.
Also, Lifestyle saw its revenue in FY23 was up by 55-60 per cent compared to the previous year, Iyer said. In comparison to FY20 which is the pre-pandemic era, its revenue is up 18-20 per cent, Iyer said.
Lifestyle International includes four brands -Lifestyle, Home Centre, Easy Buy and Max.
According to Capitaline, Lifestyle International’s revenue stood at Rs 7,806 crore in FY22 and its PAT (profit after tax) stood at Rs 269 crore.
