Godrej Lifespace to expand retail presence

HYDERABAD: Godrej Lifespace, the retailing division of Godrej & Boyce, has drawn up plans to increase its retail stores from 49 to 100 by 2010 at an investment of over Rs 20 crore.

To support a turnover target of Rs 450 crore by 2010, the company would also be investing over Rs 50 crore for advertising and promotions besides Rs 10 crore on manpower development. The company is planning to expand its offerings by adding new product categories, which will complement its current offerings.

Godrej Lifespace offers home and office furniture, home appliances, locks and security systems, along with other home accessories. The company is looking at offering microwave containers, wall furnishings, crystal ware, carpets and home décor items. The company is seeing 20% of its revenues coming from products outside Godrej basket.

By 2010, the southern region alone would contribute revenues of Rs 150 crore. Addressing a press meet while opening the company's 49th store in Hyderabad, Godrej Lifespace vice-president & business head M Shyam Motwani said, this year the company would add 15 new stores.

"We have presence in 25 cities of which our two existing stores in Hyderabad are the major contributors to sales," he said.

According to him, the company is planning to open six new stores in Andhra Pradesh in three years. "We are also looking at expanding our footprint to Vijayawada and Visakhapatnam. By 2010, there will be at least seven conveniently located stores at key locations across Hyderabad and we will invest over Rs 2.5 crore," he added.