05 September 2022, Mumbai:
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.The process has already started with store openings in the south.
Lifestyle, the retail brand of the Dubai-based retail and hospitality conglomerate Landmark, is also looking to expand the share of business derived from the online channel amid changing consumer preferences in the country, particularly among new-age buyers. Lifestyle is putting up infrastructure and investing a lot in technology and in the next two years would like online to be at least per cent of the business.
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