Godrej’s premium home furniture brand Script, which opened its first store in December last year, will invest ₹ 50 cr this year to expand its retail outlets in the country, said a top executive of the company. The company has recently launched its second store in Kirti Nagar, New Delhi and plans to open 4 more stores in other cities by the end of the financial year 2018-2019.
“We will invest ₹ 50 cr to open 5 new stores this year. Apart from a store in Kirti Nagar in New Delhi, we will open another store in the city along with a couple of stores in Mumbai and Hyderabad this year,” said Rajat Mathur, Business Head at Script.
The company also plans to open a total of 18 stores in the next three years out of which five stores will be launched in Delhi-NCR. With the launch of its exclusive three-storey store in New Delhi followed by four more stores in the next three years, the brand expects to touch a revenue of more than ₹ 60 cr from this market and a total turnover of ₹ 320 cr by 2020.
“We feel Delhi-NCR will contribute to 25 per cent of the brand’s revenue and we are eyeing a turnover of over ₹ 60 cr from this market in the next three years,” said Mathur. The company is yet to start its e-commerce operation but Mathur is hopeful that within the next 2 months they will start transacting online as well.
According to Mathur, all the planned 18 stores will be company owned but they may consider getting franchise partners on board in a couple of years’ time to carry on with the expansion at a later stage. Script will roll-out three store formats– flagship outlets which will be in the range of 12,000 sq.ft to 14,000 sq.ft., smaller outlets in the range of 6,000 sq.ft. to 7,000 sq.ft and the boutique format which will help the brand to penetrate the malls and airports and other smaller cities.