The Hindu Business Line : LifeStyle plans Rs 140-cr expansion

AS the country is on the threshold of a retail revolution with about 200 shopping malls expected to come up in the next five years, LifeStyle International (P) Ltd is bracing up itself to latch on to the opportunity with a plan to scale up its outlets to 21 inthree years.

Riding on the encouraging response to its concept of trendy multi-brand stores, the company would be investing Rs 140 crore during the period to increase its floor space from the current 27,000 sq.ft. to more than one million sq. ft, spread across the country.

Unveiling the plans here on Friday, Mr Kumar Sitaraman, Managing Director of the company, said LifeStyle would be opening 13 stores in the next two years, with mini-metros such as Ahmedabad, Pune and Noida in Uttar Pradesh being brought into the `Lifestyle shopping scape'.

Bangalore would see two more stores coming up in the next two years. Though the business potential was good, infrastructure facility was a matter of concern, said Mr Sitaraman, adding that the company was scouting for suitable location for new outlets.

He said, in Chennai, where the Dubai-based parent, launched its Indian foray, LifeStyle would be expanding its facility to 75,000 sq.ft shop in Chennai City Centre shopping mall.

"The competition form large shopping malls pose no problem to LifeStyle," Mr Sitaraman said, adding that the company would be able to maintain its average 3 to 5 per cent net profit, even with the planned investment. It expects a 34 per cent jump in its turnover during 2004-05 with the figure touching Rs 310 crore from last year's Rs 230 crore, Mr Sitaraman said.