The Hindu Business Line : Lifestyle to add 32 stores

The 340-crore Lifestyle International (P) Ltd is embarking upon a massive expansion plan and will open 32 more stores across India in the next three years. Its Executive Director, Mr Kabir Lumba, told Business Line here today that the retail store chain's turnover was expected to go up to Rs 540 crore next year. The turnover of the Bangalore-based Lifestyle's parent company, the Dubai-based retain chain Landmark Group was close to $1 billion, he said. He said the global retail market was worth $170 billion annually but only three per cent of it was organised. Lifestyle's market share in India was also three per cent, which it intended to increase up to 15 per cent by the year 2010. After inaugurating a Lifestyle store at Gallops Mall here, Mr Lumba informed that the group was aiming at expansion in Gujarat as well. The retail chain was likely to set up new stores in Surat and other places in the State. The first Lifestyle store in Gujarat, and India's 11th, is spread over a 50,000-sq ft area and will be formally thrown open to the public tomorrow evening.