Value fashion and lifestyle products retailer V-Mart Retail on Friday said it's planning to increase retail space by 20-25 percent each year.

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Speaking in an interview with CNBC-TV18, Lalit Agarwal, chairman, and managing director said, "We have been consistent on our store size and our store plan. Our expansion plan continues and we would definitely want to open up more stores in the coming year and even this year."

He said, "We have initiated our omnichannel portal. We have started getting good traction there. The traction was more during the lockdown and high pandemic period but right now when markets have opened up, people are once again going back to their normal brick and mortar physical shopping behavior."

According to Agarwal, V-Mart Retail is very bullish on weddings, "We expect good wedding consumption to happen up to December 14, . We have been seeing around 75 percent or more than that (of sales) over the last year festival."

"It was more than 70 percent growth on a month-on-month (MoM) basis. Even during rush hour, customers came in good numbers. We are also seeing basket value going up as customers don’t want to visit the store multiple times, so they are coming in and buying a little better quantity," he said.

Further, Agarwal said, "V-Mart saw good growth in the festive season. The density of customers in the store was a little higher and so was the fear. However, it has definitely been much better than what it was in the last month."

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(Edited by : Jomy Pullokaran)

First Published:Nov 20, 2020 3:55 PM IST