V-Mart Retail Unveils 17 New Stores, Closes 8 In Fourth Quarter of FY23

Value fashion retailer V-Mart Retail, on Sunday said that it has opened 17 new stores, and closed 8 stores in the fourth quarter of Fiscal Year 2023. The Mumbai-based company revealed that it has opened 5 stores in Uttar Pradesh, 2 stores each in Assam, Telangana, Tamil Nadu and West Bengal, while one each in Gujarat, Kerala, Odisha and Madhya Pradesh. Further, V-Mart closed 8 stores during the same quarter. Of the 8 stores, 2 stores were closed in Uttar Pradesh, while one each in Bihar, Chennai, Karnataka, Madhya Pradesh, Gujarat and Manipur.

The company, via a statement, said that the total number of stores now stands at 423 stores as on March at 31, 2023.

Earlier this month, Lalit Agarwal of V-Mart told CNBC-TV18 that people are adapting to rising inflation gradually. The company should be able to generate better sales from Q1FY24.