Promart to invest Rs 100 cr for expansion

After achieving Rs 495 crores turnover this year, Promart Retail

now plans to invest Rs 100 crores in 2014 to carry out retail expansion. Promart is looking at a net margin of 6-7 percent next year. The company has also tied up with Franchise India recently for 100 franchisees. For now, it has a presence in 11 states of Rajasthan, Uttar Pradesh, Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Punjab, Chhattisgarh, Uttarakhand, Haryana, Karnataka, Goa and two union territories like Delhi and Silvasa.

Targeting the middle class and untapped retail destinations, Promart is establishing a strong market presence. Taking advantage of the advent of new retail formats such as departmental stores, hyper markets, super markets and specialty stores, the company aims at having 200 stores by 2014.

Having created foothold in over 80 functional stores along with nine franchises pan India, the company would look at delivering a total of 100 stores by the end of 2013. The company’s retail expansion plans include: spreading its footprint to over 13 states especially in Tier II, III, IV cities. To enter a state, expand, create a brand recall value and then move on to another region has worked well for them. As of now, Promart has a pan India presence in 11 states and 2 union territories.