A North India-based value fashion retailer, Citykart aims to open around 300 stores over the next three years, with plans to launch 40-45 stores by the end of the current fiscal year.
Founded in 2015 in Lucknow, Uttar Pradesh, Citykart offers affordable fashion for men, women, and children, along with footwear, accessories, home furnishings, general merchandise, toys, and recently, cosmetics and personal care products.
The company reached a significant milestone of 100 stores in 2023 and now operates 107 outlets across 76 cities in nine states, including Uttar Pradesh, Bihar, Odisha, Assam, and West Bengal, spanning 8.95 lakh sq ft. Citykart plans to deepen its presence in strongholds like Uttar Pradesh and Bihar while exploring over 15 new regions, primarily in North and Northeast India.
This expansion is expected to boost revenues to Rs 950-1,000 crore by FY25, up from approximately Rs 626 crore in FY24, reflecting a 20 per cent increase from Rs 523 crore in FY23. The company is currently focusing on fortifying existing markets while expanding into new regions, says Sudhanshu Agarwal, Director. Once it establishes a strong presence in North and East India, the retailer plans to expand into South and West India.
The value retail space in India is growing rapidly, particularly in non-metro areas, with competitors like V-Mart, Zudio, and Max also targeting this segment. Value retailers like Citykart serve as shopping malls for Tier II and III cities, offering organised retail and affordable fashion that local mom-and-pop stores struggle to compete with, states Agarwal.
Citykart employs around 2,800 people, with 30 per cent of the workforce being women. The retailer offers around 25,000 to 30,000 SKUs in the summer and 15,000 to 20,000 in the winter. Despite its broad product range, 82 per cent of its offerings are apparel. Citykart operates purely offline and focuses on weekly merchandise updates.
By the end of FY24, Citykart plans to open stores in 15 new cities with an investment of Rs 100 crore, creating 700-1,000 jobs. The company anticipates a 25-30 per cent increase in sales, driven by double-digit growth in same-store sales.
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