V-Mart eyes up to 19% growth this fiscal

Value fashion retailer V-Mart is eyeing between 18% and 19% growth this year as it works towards reaching pre-Covid numbers. The business is also focusing on reducing prices and launching new lines to appeal to Gen Z shoppers.

“We should try and grow by 18% to 19% this year and that is what our expectations are,” V-Mart Retail’s founder and managing director Lalit Agarwal told ET Now. The business experienced between 13% and 14% growth last year and reported growth in the past quarter. To facilitate continued growth, V-Mart is focusing on capacity development as well as same store sales growth.
 
The business has also notably seen an uptick in sales fuelled by the ongoing Lok Sabha election for the lower house of parliament. Many of V-Mart’s stores are located in smaller cities and the influx of people returning to their native towns to vote has increased footfall in these stores. The election has also slightly increased consumer spending power, the Economic Times reported.
 
“We are working towards growth of our business,” said Agarwal, ET Now reported. “We know that we are still a little away from the pre-Covid numbers on the same store side. There are some activities that we are doing, a lot of internal work that we have done, a lot of work on an internal ability to provide the consumer the best fashion, the best product, the best prices and bringing down the average selling price also, launching those Gen Z consumer likings which is the new style product and new style clothes.”