Hyderabad: Taking a leaf from Future Retail’s strategy for Foodhall, Hyderabad-based speciality retail chain Q-Mart plans to ramp up its offline presence with two more large format stores as it aims to quadruple its revenue by FY 2021, according to a top official here on Friday.
Speaking to this newspaper ahead of the inauguration of its second store in Hyderabad on Saturday, Q-Mart Retail Joint managing director B.V.K. Raju said, “We have plans to add stores in Kokapet and Kompally before we foray into other parts of the country. Including the store in Gachibowli, we will invest about Rs 50 crore for the three stores.”
While praising Foodhall’s strategy, Mr Raju was quick to point out that Q-Mart won’t be repeating the mistake of Godrej’s Nature’s Basket. “In other cities, realty is a costly affair. We will be careful with our expansion plans. However, we do have plans to set up one store each in Vizag and Vijayawada as well. Unlike the two stores in the city, which will be completed by December 2020, the deadline isn’t set for these projects.”
Q-Mart, however, has a quirky strategy to cut down on the realty prices. “Like our store in Banjara Hills, the Gachibowli store too is on the first floor. It helps reduce the cost of space by nearly 50 per cent.”
The company, which moped up around Rs 45 crore in FY19, has set a target of Rs 180 core in revenue for FY21. Mr Raju expects that the gourmet food will continue to be the key driver for thecompany.
