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Opens 350th store of `The Raymond Shop' in Mumbai

Mumbai April 5 Raymond Ltd plans to expand its retail presence by opening over 950 stores by 2010.

The company today launched its 350th store of `The Raymond Shop' in Mumbai. Each store will be set up with an investment of approximately Rs 50 lakh and the average size of the stores will be 2,500 sq. ft.

"Right now, we have crossed one million sq. ft. of self-controlled retail space. We are going to double this to two million sq. ft. in the next three years," said Mr Aniruddha Deshmukh, President-Retail and FMCG, Raymond.

The stores will include exclusive brand outlets for Raymond brands such as Park Avenue, ColorPlus, Manzini and Parx and The Raymond Shops, where all brands will be available under one roof.

"Everyone is talking about Tier II and Tier III cities now. We are already present there and will continue to expand into the smaller Indian cities," said Mr Deshmukh.

The Raymond Shop has an international presence as well. Around 27 stores have been opened in West Asia and South Asian countries such as Bangladesh and Sri Lanka.

Mr Deshmukh said the company is concentrating in these areas owing to the large presence of Indians. "It also becomes easier for us to carry our advertisements as our channels are broadcast there," he said.

The company recently launched a new brand — Notting Hill, comprising formal and casual wear.

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