Videocon Industries Ltd has major expansion plans in store for entertainment retail chain Planet M, which the company acquired in 2007 from Bennett, Coleman & Company. This was announced by Subir Ghosh, CEO, Planet M Retail Ltd, at the inauguration of the latest Planet M mega store in Kolkata on May 6.
Also present on the occasion were members of the IPL Kolkata Knight Riders team. The newly-opened Planet M store would have a special Kolkata Knight Riders Zone, selling various Knight Riders collectibles. Commenting on the initiative, Ghosh said, “Videocon as a Group has had a long standing relation with Shah Rukh Khan (the owner of the Kolkata Knight Riders team), and this is an extension of that relationship.”
The company plans to set up 500 stores by the end of FY09. The stores would be in three formats – mega stores with cafeteria, superstores and neighbourhood stores.
Commenting on the expansion plans in the Kolkata market, Ghosh said, “Kolkata is an ideal market for the service we are providing and we will significantly enhance our presence here.” There are plans to add 14 more stores in the city by the end of this year.
The company is yet to finalise on an agency for its creative communication. So far, four national agencies have made their presentations.
Ghosh further said, “There is great opportunity in both entertainment and mobile phone category. The brand Planet M remains and there will be no change there. This is essentially an experience-led brand built on word-of-mouth. We plan to add 500 stores each year for the next three years and emerge as the largest entertainment and lifestyle chain in India.”