Promart plans expansion

Promart plans expansion

Chennai: Multi-brand discount retailer Promart said on Wednesday that it has signed 50 franchisees in Mahrashtra, Himachal Pradesh, Punjab, Jammu and Kashmir, Haryana and Rajasthan.

“Given the improved standard of living... venturing into smaller towns is in line with our overall business strategy," managing director Ashish Garg said in a press release.

Over the last year, discount retailers such as Cantabil Retail India Ltd, The Loot, Koutons Retail India Ltd and Catmoss Inc. have been shutting stores or are in the process of restructuring debt.

Last year, the 1,500 crore discount retail industry contracted 20-25%.

byravee.i@livemint.com

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