Loot Retail plans 25 stores by March 2008

Posted: Saturday, Mar 24, 2007 at 0046 hrs IST
Updated: Saturday, Mar 24, 2007 at 0046 hrs IST

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Pune, Mar 23 : Multi-brand discount store, The Loot Retail Private Ltd, is planning to roll out 25 stores by March 2008 with an investment of Rs 30 crore to add to its existing network of 18 stores in India.

Jay Gupta, MD of Loot, said that 45% of the products in the Rs 6,000 crore branded retail market are sold through various schemes, discounts and sale. “The companies cannot keep their stock for more than 90 days so they sell through such channels. We provide these products at one place and offer discounts on it,” Gupta said. Loot competes with factory outlets in this space, Gupta said at the launch of the Pune outlet.

The Loot brand is owned Jay Retailing and Merchandising Private Ltd and the company has plans to tap the market when its crosses the Rs 100 crore turnover by March 2009. It currently has a turnover of Rs 25 crore and the turnover is expected to go up to Rs 65 crore next year.

It has three formats signature store, shop in shop store and the mega store of 30,000 sq ft and has brands such as Nike, Reebok, Adidas, Levis, Pepe Jeans, Provogue, Benetton, Wrangler, Lee, Arrow as well as Mercedes, Old Navy, Gap and Banana Republic.

Loot will go to Aurangabad next and then Nagpur. Surat, Baroda, Mysore Bangalore, Chandigarh and Raipur are next in line.Gupta said that they have a strategic tie-up for a shop in shop with every Spencer Hypermarket and are currently talking to Star India Bazaar and Magnet for shop in shops.

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