Archies plans 120 new stores

Gift and greetings major Archies Ltd is on an aggressive expansion mode with plans to open 120 company-owned stores across the country in the next two years with a total investment of Rs 30 crore (Rs 300 million).

The stores, which are in addition to the existing 65, would be opened in prime retail spaces across the country, Vijayant Chhabra, executive director, Archies Ltd said.

Archies also has over 410 franchise stores across 139 cities and six countries, he added. The new exclusive store in Kochi, being opened on Wednesday, would have a relatively larger set up and stocking levels with wider range of cards and gifts giving the company greater access to its core target audience, he said.

Archies second retail brand 'Stupid Cupid', which focusses on fashion accessories was doing well, and already six stores had been opened - five in Delhi and one at Mumbai and the target was to open 25 such stores this fiscal, he said.

With the retail boom now being witnessed in the non-metro cities with upcoming malls and changing lifestyle trends, Archies saw great potential in these new markets, he said.

The company was focussing on expanding its reach and presence in 18 new cities for opening up company owned stores and exclusive stores.

In terms of business, the highest growing segment was the Valentine Day cards. The business had not been affected by the protests in Maharashtra, Chhabra said.

"We are not doing anything illegal," he said. The recently introduced big-sized 'sound cards', priced at Rs 300 a piece was receiving good response from customers, Chhabra said.