Lifestyle International revenue up, plans small town expansion
10 October 2022, Mumbai:
Lifestyle revenues for fiscal 2021-22 rose 38 per cent. Department store chain Lifestyle is a part of the Dubai-based Landmark Group. The retailer sells clothing and accessories both via stores and online.
Lifestyle opened its first store in India in 1999.Lifestyle stores sell apparel, footwear, children’s wear, beauty and accessories across both the retailer’s private labels as well as third party brands such as Pepe Jeans, United Colours of Benetton, Biba, Allen Solly, among several others. In 2005, Lifestyle launched its first specialized, standalone home improvement store, Home Centre, that sells furniture, homeware and soft furnishing.
Lifestyle will diversify into smaller cities. One reason is the rising real estate costs in metros and large towns. Lifestyle has 85 stores across the country with more than 70 per cent in metros and Tier I locations. The retailer is looking to expand in phases and by the end of March 2023 at least 1,518 stores in Tier II markets are expected to be operational. The business model in Tier II locations will be different, with a different store size, different products and a different brand mix. Products will be created separately for these markets. The first choice will be a mall where there is like-to-like participation of other brands. The second choice would be a standalone store on a high street.
