MUMBAI: One of the early new format music and leisure stores in the country, that changed colours recently to become a comprehensive digital electronics store, Planet M turns nine on 15 August.
Conceived by the Bennett, Coleman and company, the music and entertainment retail store currently operates under Next, appliance major Videocon’s retail chain, an acquisition that was completed by late 2007.
Planet M now has 151 retail stores across 42 cities all over the country. Acquired as a Rs two billion company, Planet M now plans to increase the number of its outlets in the country to 1,000 by the next one year. Videocon aims to increase the turnover from its retail business to around Rs 20 billion, of which half of it would be contributed by Planet M alone, according to media reports.
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Planet M not only pioneered the music and entertainment market but has now roped in diverse products like mobiles, music devices, books and T-shirts. To get into the ‘youth hangout’ space, Planet M unveiled its first coffee shop caf??© eARTh, in Hyderabad on July 2008 and has also tied up with Pantaloons, Globus, Staple and Dollar, initiatives that took off in a big way after Planet M chose TWBA as its creative agency to build its brand in a ‘renewed avtaar’. By the end of this year the retail store would open 500 new stores as a part of its expansion.
Before being a part of Videocon Planet M had tied up with Essar Telecom Retail for housing outlets of The Mobile Store in up to 40 Planet M outlets. It also allows digital downloading in its stores and ventured the VCD/DVD rental business.
