Delhi’s V2 Retail is charting an ambitious course for expansion, prioritizing enhanced customer experience and broadened product offerings as key drivers of long-term growth. The company reported a substantial 31 per cent growth in same-store sales last year, significantly outperforming the industry average. This momentum fuels their objective to reach Rs 2,800 crore in revenue and expand their retail footprint to 250 stores within the next two years, a considerable increase from the current 158.
The company projects closing the current fiscal year with Rs 1,800 crore in revenue, a notable jump from the Rs 1,150 crore achieved in the previous fiscal year. This upward trajectory defies current industry trends, attributed to a continuing consumer shift from unorganized to organized retail sectors. V2 Retail is capitalizing on this transition, gaining market share from both unorganized retailers and competitors through a comprehensive four-year reinvention strategy.
A significant portion of this strategic overhaul has been dedicated to product development, leading to the discontinuation of lower-priced items and a subsequent rise in the average selling price. This product-focused approach is complemented by a store redesign initiative, encompassing upgraded facades, lighting, and visual merchandising, set to be implemented within the next six months.
While initially slated for an earlier launch, the company’s website is now expected to debut in the final quarter of the current fiscal year or the first quarter of the next. This strategic delay allows for thorough technological development, ensuring a seamless experience for their existing customer base and avoiding unnecessary expenditure. The online platform is envisioned as a supplementary channel, further enhancing customer accessibility and solidifying V2 Retail’s position in the market.
