Kolkata, The Godrej Group will shortly launch specialty boutique retail stores in four product categories – home appliances, home furniture, office furniture and non-apparel lifestyle products. The group`s flagship company, Godrej & Boyce Manufacturing, is finalizing rollout plans which will crystallise in 2007-08, reports Economic Times.
The group intends to set up 20-odd specialty stores by calendar 2010 with a major thrust on the top eight markets – Mumbai, Delhi, Kolkata, Chennai, Ahmedabad, Bangalore, Hyderabad and Pune. While Godrej & Boyce operates a chain of 47 multi-product stores branded `Godrej Lifespace`, the group is working on a separate brand identity for specialty stores.
Godrej & Boyce’s retail division business head and vice president Shyam Motwani told ET: “We will launch six of these boutique stores in 2007-08. Typically, each specialty store will be spread over 1000-1500 square feet (sq ft) in size. They will be present on both high-street and malls.”
Mr Motwani said, “The lifestyle stores will mainly sell home decor merchandise like furnishing, home accessories and other decorative items. While these will be multi-brand outlets, we might launch some of the products under the Godrej brand as well."
Lifestyle stores will mainly sell home decor merchandise like furnishing, home accessories and other decorative items. While these will be multi-brand outlets, it might launch some of the products under the Godrej brand as well.
The group has also lined up an investment of Rs 90-crore to increase its total retail space from the present 1.4 lakh sq ft to 5 lakh sq ft by 2010.
With the proposed expansion plan on ground, the retail division is expected to generate Rs 450 crore revenue by March 2010 for Godrej & Boyce from present Rs 100 crore. The retail business is experiencing an annual growth of nearly 55%.Shares of the company closed at Rs 164.65, down by Rs 5.00, or 2.95% at the BSE. Total volume of shares traded was 15,806.