Promart opens two stores in Vadodara

Adding to its existing single store in Ahmedabad, value lifestyle

retailer Promart has launched two more stores at Vadodara in Gujarat. As per company’s retail expansion plans, it will invest Rs 150 crores for new store launches and building up infrastructure. By March 2012, the company is targeting opening 15 stores and an additional 100 stores are in the anvil in the next fiscal. It has finalized Surat, Rajkot, Bhavnagar, Jamnagar and Mehsana as the destinations for new store launches that would happen in the next six months.

Launched by Provogue India, Promart was taken over by VEMB Lifestyle and Apple Group of companies in 2011 for Rs 90 lakh. Under Provogue, Promart was launched in Ahmedabad in 2007 but the format faced issues due to high inventories and overhead costs following the economic slowdown and concurrent financial crisis of 2008.

Promart stocks garments, accessories, home linen and kitchen ware across all categories (men, women and kids wear). To make the venture profitable and products affordable to avoid piled up inventories, company also plans to offer heavy discounts apart from the 365 day discount scheme it works on as it penetrates into Tier III, IV and V towns.