Kolkata: Watchmaker Titan Industries Ltd is planning to renew its focus on Value Mart, the retail initiative for clearing factory surpluses that the company had set up some time back. During the current fiscal, Titan will be revamping its five Value Mart outlets in Bangalore, Chennai and Mumbai, and open new ones in other locations.

Bijou Kurien, chief operating officer-watches, Titan, said its outlets effectively cleared stock that has gone out of fashion or has very minor manufacturing defects. Speaking to reporters on the sidelines of a retail seminar organised by Bengal Chamber of Commerce & Industry here on Tuesday, Mr Kurien stated, "We are giving the existing stores a re-look now and plan to expand in the next fiscal." Titan, which controls half the Rs 1,200 crore organised watch market, is eyeing a turnover of Rs 1,000 crore in 2003-04, up from Rs 800 crore that it reported last year. According to Mr Kurien, the watch division will trigger growth, and alone will account for Rs 550 crore this year. Titan also has a jewellery division branded Tanishq. The other marketing initiatives that the company has lined up for the current fiscal will include raising the number of World of Titan showrooms to 175 from 161 and Watchcare service centre.