Date:12/08/2006 URL: http://www.thehindu.com/2006/08/12/stories/2006081211440400.htm

Karnataka - Bangalore

Max Retail opens outlet in Bangalore

Special Correspondent

Bangalore: Max Retail of the Landmark Group (Dubai) on Friday launched its first store in Bangalore, focussing on the mid-market retail segment here. This is the third store in India, after Indore and Ahmedabad, and the company will be having eight by the end of the year.

Vinesh Singh, vice-president (marketing) of Max Retail, told presspersons here that the firm would focus on "value retailing" with the price-point of 95 per cent of the products not going beyond Rs. 599. Spread over 20,000 square feet, the outlet will offer apparel, footwear and accessories. The company would be launching similar outlets by the yearend in Delhi, Navi Mumbai, Hyderabad, Lucknow and Agra.

Max Retail executive director Vasanth Kumar said the average investment in a store was nearly Rs. 5 crore, inclusive of merchandise estimated at Rs. 2 crore.

The Landmark Group planned to have 100 stores in four years in major cities and tier-II towns. The group sourced nearly 20 per cent of its products from India and the remaining from another eight countries.

The rapid growth in the Indian retail industry had tremendous opportunity, he said and hoped to replicate the overseas success. Max Retail had about 35 outlets in West Asia and the group had a turnover of over $1 billion. The Landmark Group is present in India through its chain of 10 Lifestyle stores in five cities. There were plans to upgrade the Lifestyle stores soon, considering the competition that the malls in Bangalore have been giving.