Retail chain Tablez has plans to widen its network to around 250 stores in India over the next five years.

Tablez India, a subsidiary of the UAE-based Lulu Group, presently operates 67 outlets.

It plans to invest around Rs750m annually on the expansion of its retail presence in India, reported PTI.

Tablez India commenced its operations five years ago. It operates in retail and food and beverages categories.

The firm plans to expand its presence even in digital and e-commerce space besides offline channel.

Tablez Retail chief operating officer Vasudevan Balakrishnan told the news agency: “By FY 2025-26, we will probably be looking to cross Rs 5bn [92.59m] turnover. We will have 250 outlets and have some more other revenue channels by then.”

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By GlobalData

Despite the disruptions caused because of Covid-19, the firm is optimistic about achieving its growth target in the Indian retail market.

Commenting on investment plans, Balakrishnan added: “We will be investing somewhere between Rs7m to Rs7.5m a year. It could be even more as these are broad numbers.”

However, the company plans to recalculate its investments after 2021.

Tablez India plans to fund its growth through equities. Currently, the operations of Tablez are centred in the southern part of the country. It plans to expand into other parts too.

Balakrishnan added: “These are initial years and we are a very young company. Our expansions and build-up have happened in the last three years. So it is very early days. We are also taking our learnings from the market. We are also trying to understand how different markets respond to the different brands that we have in the kitty.”

This year, the company targeted its revenue to be around Rs25m but as it could not meet it, the goal shifted to 2021.

In 2018, Tablez and YOYOSO signed an agreement to launch stores in India.

Meanwhile, in a separate development in the Indian retail space, apparel retailer Uniqlo launched its e-commerce operations to make the brand accessible across the country.

This move comes amid the Covid-19 pandemic, which fast-tracked the adoption of digital platforms for payments and purchases.