Comments
Lifestyle International, a part of the Dubai-based retail and hospitality conglomerate The Landmark Group, has scheduled the opening of 12 Lifestyle stores at an investment of ₹150 crore this fiscal.
The company opened its 73rd store in RMZ Galleria, Yelahanka in Bengaluru on Friday, which is its seventh store in the city. Spanning 55,000 sq ft across two floors, the store which was set up at an investment of ₹15 crore, including merchandise, showcases 200 national, international brands such as Ginger, Vero Moda, Jack & Jones, Van Heusen, Melange, Pepe Jeans, Superdry, Tommy Hilfiger, Casio, Guess, and Bossini, among others.
“Of the 12 Lifestyle stores we plan to open in FY 2019, we have already opened four — in Chennai, Kota, Bhubaneshwar and now in Bengaluru. The look and feel of this new store is very different and we have made the beauty section of the store more experiential and less dependent on sales people,” said Vasanth Kumar, Managing Director, Lifestyle International Pvt Ltd. Seventy per cent of the company’s 73 stores are located in the top 20 cities. Kumar said 70 per cent of the company’s future business will accrue from these cities. Asked how many more Lifestyle stores a city like Bengaluru could take, Kumar said, “The urban population is willing to spend just 30 minutes to drive to a mall, from their homes, if it takes longer, they are not interested. Therefore, the number of stores the city can take depends on how much it keeps growing.” To offer an omni-channel experience to its customers, the company, launched online sales on lifestylestores.com, which went live in 2016. At present, 1.5 per cent of the company’s overall revenue accrues from online sales and 10 per cent of the online business comes from new features like ‘Click & Collect’ and ‘Return to Store’ introduced eight months ago. To provide customers with a faster shopping experience, Lifestyle has introduced Self Checkout Kiosks in two of its stores in Bengaluru and Delhi. “It has been well received by customers especially on weekends when footfalls are high” said Kumar. The Lifestyle app is also available for Android and iOS users.
Lifestyle International’s revenue as of FY 2018 stood at ₹4,000 crore. Same store sales has grown at an annualised 8-9 per cent over the last two years. “We expect 16-18 per cent revenue growth this fiscal” said Kumar.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.