₹7,303 crore DMart had launched its first store in Mumbai’s Powai in 2002. Since then, the company has gone on to have a total of 234 stores across India. BI India Advertisement However, most of its stores are in Maharashtra. The state, which is the home to country’s financial capital Mumbai, accounts for 35.5% of all DMart stores in the country. The retailer has bought more land in Maharashtra to invest more in the state. A key part of the famed DMart’s model of success was this concentration. According to broking firm Elara Capital, Maharashtra, Tamil Nadu, Karnataka and Gujarat are top four states in terms of per capita retail spending and population size and nearly two out of three of DMART stores are in these four states. It worked really well during the good times.