24 Mar , 2021 By : kanchan joshi
Jewellery retailer Malabar Gold & Diamonds will spend Rs1,600 crore to open 56 stores—both in India and overseas in FY21-22.
In India, the retailer could open close to 40 outlets in states such as Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Maharashtra, Delhi, West Bengal, Uttar Pradesh, Odisha and Kerala. It will open outlets in international markets such as Singapore, Malaysia, Oman, Qatar, Bahrain and UAE, the company said in a statement.
The store openings will help the retailer triple its network of stores from 250 this year to 750 by 2023.
“Our retail expansion is part of our strategy to further strengthen our retail footprint in territories where we have strong presence and to foray into new markets with our differentiated services and product offerings. Increased focus from the government on infrastructure and a good monsoon has seen rural markets and tier-II and tier-III towns across India rebound strongly from the pandemic. Having sensed the momentum in the recent festive sales, we are gearing up in a big way to cater to these underserved markets with new standards of customer comfort and convenience," said O. Asher, managing director, India Operations, Malabar Gold and Diamonds.
Large, organized retailers have been swiftly planning their expansion after covid threw a spanner in the works of the country’s retail business.
Companies are now eyeing prime real estate especially as rentals stood corrected in the aftermath of last year’s lockdown. Retailers are also taking adva?ntage of the fact that covid prompted several smaller players to shut shop leaving space for organized players to step in.
Malabar said it has already secured retail spaces in Chennai, Lucknow, Hyderabad, Mumbai, Pune and Bengaluru as well as small Eluru, Mancherial, Solapur and Ahmednagar.
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