Vishal Mega Mart · tone and specificity signals across the available quarters.
Language signals
Our endeavor every quarter would be to ensure that we are consistent with our past performance. Our endeavor our effort would be absolutely in a very disciplined manner directed towards ensuring that our performance is consistent with our past performance.
The improvement will largely happen in general merchandise and FMCG. Apparel will stay at 100%. GM and FMCG will continue to improve over the years but it may not grow at the same pace as we've grown historically because quite obviously the easier and the larger opportunities have already been exploited.
Carrying food and grocery and large bulky items home from a store is a challenge for all middle-class customers and especially those who do not possess cars. So we saw that as a key area where we could provide relevant help to our consumers and customers.
The biggest impact driving our growth positively is volume growth which is led by us gaining market share from mom-and-pop stores and other retailers.
Our highest price points grew SSG at 14%, mid price points at 9%, and opening price points at 6%... This is totally deliberate. I wouldn't quite believe that it's a general market phenomenon.
We retained our guidance of 80-200 because we do not think that we should be chasing a target irrationally and end up opening stores which either do not have the opportunity to grow or be profitable.
We had seen significant cotton inflation at the time of Ukraine war. At that point in time we had actually taken a slight beating on the margin but we had cushioned our customers and consumers to a very very large extent.
Of the 11% SSG, 7% has come because of new customers and new transactions in our store. 2% has come because our existing customers have bought more number of things. And the balance 2% has come because our customers have bought a higher price point.
If practically possible we would try very hard to open more number of new stores. We did not stop opening stores during COVID—in fact in the most severe COVID period also we opened one or two stores that month.