Raymond plans to open up to 80 stores per brand annually, focus on temple towns for growth

Apparel and textiles business Raymond plans to launch between 50 and 80 brick-and-mortar stores annually for the coming two to three years. As the business approaches its first century, it plans to seek out up and coming temple towns for growth.

“We are pursuing an aggressive growth strategy with plans to add about 50 to 80 stores per brand going forward every year for the next two to three years,” Raymond Limited’s chief business officer for apparel Debdeep Sinha told India Retailing. The business plans to focus on Tier 1 and 2 cities for store openings as these locations have proved to be receptive markets for Raymond’s mid-premium and premium product lines.
 
Raymond Limited has a list of 33 towns where it sees significant potential for brick-and-mortar expansion despite their smaller size. Naming these as “hidden gem” towns, Sinha named Uttar Pradesh’s Gorakhpur and Varanasi as examples of emerging retail destinations.
 
Religious tourism has experienced an uptick in recent months. For example, the opening of the Ram Mandir in Ayodhya in Uttar Pradesh created a retail frenzy with many fashion and jewellery businesses opening stores in the town as well as launching exclusive product lines. Raymond Limited plans to tap into this sentiment and open brick-and-mortar outlets in a number of temple towns moving forward.
 
Raymond will have completed 100 years in business in the year 2025 after launching in 1925. The business will begin its century celebrations from September this year and plans to continue to expand across the country during its next century.