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Departmental stores operator V-mart plans overseas expansion

RBR Staff Writer Published 15 April 2013

India-based multi brand retailer, V-mart Retail, is planning to expand overseas in a move to strengthen the brand globally.

Under the expansion, the brand is seeking to foray into Bangladesh by setting up stores across the country.

V-mart Retail chairman and MD Lalit Agarwal told The Economic Times that retail business in Bangladesh is primarily unorganized.

"The organised retail space is almost vacant. We are currently conducting a study of the market," he added.

"We are just trying to understand the market there. Before taking any decision, we have to read their laws, FDI norms and the political situation. Depending upon their laws, we will decide whether we will go solo or look for an associate. We are at the survey stage now."

The retailer is also looking to expand in Sri Lanka and Nepal in the near future.

V-mart Retail, which currently operates 69 outlets in India, aims to increase the store count to 120 outlets by 2015 across the country.

The company operates a chain of departmental stores offering apparels, general merchandise and kirana goods.