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Pune, May 21 : California's 'Mydollarstore' Inc will be rolling out 25 new stores across India by March 2008. The company has 48 stores operational across 30 cities and would now be expanding its footprint into smaller cities.
“The made in America formula seems to have worked in India. The company is reviewing its strategy for the Indian market and will be targeting high spenders through leasing ground floor spaces at malls instead of the low rent strip malls back in America,” Kaushik Mukherjee, DGM- strategy & franchising, Sankalp Retail, Value Stores Pvt Ltd said. Sankalp Retail is the company's master franchisee in India.
Mydollarstore will be experimenting with the both the formats in India and is looking at strategic tie-ups with major brands for the shop in shop concept.
“At present, the company has a similar tie up with the Spencer's group for its store in Aurangabad. We are evaluating the concept and if it works, we will take it forward,” Mukherjee said. Pune could see another four to five stores and around 12 new stores would be coming up in Mumbai in a couple of years.
While everything costs $1 at Mydollarstores in the US, in India the same products sell for Rs 99 or about $2. Mydollarstores would source most products from the US and toys would be sourced China.
Every store has 22 categories offering products from food to personal care in 22 categories. In 2006-07, the company reported revenues of Rs 50 crore from its India operations.
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