MARKET UPDATE
| Home Centre plans 25 India outlets in two years Mon, 15 Oct 2012 00:25:00 +0530 |
| Business Standard Economy Policy News Home Centre, the chain of furniture, home accessories and kitchenware outlets from the Dubai-based Landmark Group, has planned to increase its stores to 25 from the current 15 in India by 2014. The proposed expansion will attract an investment of Rs 300 crore, going by current market trends. Speaking to Business Standard after opening the 15th store in the country here, Mahesh Shah, president of Home Centre, said the aim was 25 stores and a turnover of Rs 650–700 crore by 2014. In 2012–13, its turnover target is Rs 450 crore. The company has been focusing on the market in metropolitan and major cities. It has also, as a test basis, started a store each in the tier-II cities of Coimbatore and Mangalore in south India. On foreign direct investment in retailing, Shah said it would benefit the sector but wouldn’t impact the company, as it was “not planning to raise funds from outside”. The company’s market share was seven to eight per cent in the organised home market, which is estimated at Rs 6,000 crore. The unorganised market is around Rs 94,000 crore, said Shah. The first Home Centre store was launched in Gurgaon in 2005. It has since expanded to Bangalore, Mumbai, Noida, Pune, Chennai and Hyderabad, among others. The typical floor space is 20,000 to 40,000 sq ft. The $4.7-billion Landmark Group owns major international brands such as Lifestyle, Centrepoint, Babyshop and Shoe Mar. Home Centre also a presence in West Asia and North Africa, according to its website. |
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