V-Mart is always believed to possess the first mover advantage having built a robust store network with immense experience (~18 years) in tier II/III cities. The company has 274 stores of which 78% are in non-tier 1 cites. VMart follows a cluster based approach of adding stores within a radius of 50100 km. This gives it better economies of scales, supply chain efficiencies and better understanding of fashion needs of the specific region. The company, in the last two years, has further expanded its reach in the interior parts of the country by opening stores in tier IV cities (~12% of total stores). The markets in the non-tier 1 cities are largely penetrated by regional and unorganised players. Hence, we believe there lies an immense opportunity...