IndiaRetailBiz

Videocon Retail, a part of Venugopal Dhoot-led Videocon group, is investing Rs 800 crore in the next three years to undertake massive expansion of its ‘Next’ and ‘Planet M’ retail chains.

Next, the electrical and electronic durables chain of the group, which competes with the likes of Croma (Tatas), Reliance Digital (Ambanis), and E-Zone (Biyanis), among others at the national level, is looking at expanding the number of its stores from 400 to 650, across the country. Against revenue of Rs 800 crore in the previous year, Next is expecting to generate a turnover of Rs 1,500 crore this year.

Planet-M, the music, mobile, and leisure products retail chain, which was acquired last November from the owners of the Times of India (Bennett, Coleman and Co Ltd), has already revamped 80 of the existing 200 stores. The expansion plan envisages launching of 1,500 stores within the next three years.

The Planet-M retail chain is competing with the likes of Crossword, Music World, TimeOut, and Landmark, among others, in the leisure space, and with Subhiksha, MobileNXT, RPG Cellucom, and other digital products retail chains in the telecom space, according to a BS report, is looking at expanding its portfolio to include private-labelled telecom products like mobile pouches, laptops, mobile and gaming solutions. It is also talking to general insurance providers to offer insurance and extended warranties.

Planet-M which generated a revenue of Rs 100 crore last year is expected to generate a revenue of Rs 400 crore this year.

Videocon Retail has also recently launched ‘Cafe eARTh’ – a cafe-in-store– at its Planet M store in Hyderabad. This first in the country concept will provide a platform to young budding artists to display their talent. The company is planning to launch 250 such ‘Cafe eARTh’ stores in the next three years.”

Videocon group has also announced the setting up of a ‘cash and carry’ retail chain called ‘Bolld.’