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Dolat Capital Report
We did V-Mart Retail Ltd.'s channel check in Uttar Pradesh to gauge how things stand at the ground level, competitive intensity, demand pick up, waning of Covid-19 impact etc. We wanted to convert this into a comprehensive visit covering tier II, III and IV towns and hence our visits took place in Lucknow, Faizabad, Basti, Gorakhpur.
The strategy here is to open stores this year in the state of UP driven by the potential of increasing pie size. Lucknow, being the state capital, still remains a huge catchment area for the company and they are keen to tap the vast potential present therein. They intend to open new stores in more of Tier IV towns which currently have just one-two competitors present.
While UP would have a plethora of players in the apparel space, V-Mart’s moat would be that its quality stands better than competitors. However on the pricing scenario, most other players are equally competitive.
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