BlueStone Bets on High Streets to Double Store Network Amid India's Mall Space Shortage

BlueStone Bets on High Streets to Double Store Network Amid India's Mall Space Shortage​

BlueStone Jewellery, backed by Prosus, is aggressively pivoting its expansion strategy. The company aims to more than double its store network and nearly double its retail workforce by fiscal 2030. This ambitious growth plan pivots away from premium mall real estate, concentrating instead on leveraging the massive potential of India's high streets.

The move comes as data highlights a significant shortage of Grade A commercial property across the country. Anarock reports that India possesses only about 110 million square feet of Grade A mall stock. This figure stands in stark contrast to China with over 400 million square feet and the United States with over 700 million square feet.

Strategic Shift to High Street Dominance​

Gaurav Singh Kushwaha, CEO of BlueStone Jewellery and Lifestyle, revealed that despite their established presence in approximately 90% of India's quality malls, three-fourths of all future outlets will be situated on high streets. This strategic focus signals a growing belief that conventional mall footfall is not the sole driver for jewelry retail success in India.

The company aims to expand its store count from the current 340 units to 705 by fiscal 2030. Furthermore, BlueStone plans substantial workforce expansion, increasing its retail staff from roughly 2,100 to 4,000 over the same period.

Ambitious Revenue Projections and Market Context​

BlueStone has set a high bar for future profitability, targeting a revenue of ₹120 billion by fiscal 2030. This marks a significant climb from their current projections of ₹23.42 billion in fiscal 2026. The commitment to expansion is strong, even as the broader jewelry sector navigates challenging economic conditions.

The company's leadership remains bullish on growth despite volatile gold prices. Kushwaha stated that a stable market environment, where gold does not surge or plunge drastically, provides the optimal setting for such business operations.

Industry-Wide Pressure from Premium Real Estate Shortage​

BlueStone is not alone in facing constraints regarding premium retail space. Other established players are citing similar shortages in major metropolitan areas where mall supply has failed to keep pace with demand. This scarcity has created a landscape ripe for high street focus as seen by rivals like Kalyan Jewellers and Titan.

The challenges extend beyond the jewelry sector. Brands such as Wooden Street, backed by WestBridge Capital, and Asics have also highlighted the limited availability of premium retail space in major cities. These pressures underscore a systemic shortage within India's commercial real estate market.