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Our Bureau

Chennai , March 31

PLANET M, the music retail chain, plans to open 30 more outlets in the next six-eight months. The chain currently has 48 stores.

Mr Ajay Mehra, COO, Times Retail, which has promoted the chain, told Business Line that a bulk of the new stores will be shop-in-shops — what the organisation terms `satellites.'

Mr Mehra said Planet M has been "doing reasonably well, and becoming more visible" despite the industry having a tough couple of years.

The period has been marked by a steep fall in the prices of CDs and VCDs, which has affected margins but has been more than compensated by increased volumes.

The offtake of CDs and VCDs have also been helped by a huge fall in the prices of the equipment that support these formats.

Planet M has, thus, been able to reduce its cassettes-to-CDs ratio dramatically from 7:1 to 2:1 in a matter of a few years, which is in line with the industry norm.

Mr Mehra also said the non-music segment has been growing at a fast clip. The share of revenue from home entertainment and books, which stands at roughly 25 per cent, will stabilise at 35-40 per cent in a couple of years, predicted Mr Mehra.

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