April 15: Retailers across various segments are busy ramping up their outlets with new format stores to woo the youth that has greater purchasing power today. Be it clothing, footwear or other lifestyle products, retail stores are going in for a new look to suit the taste of the Gen X.
Pantaloons, for instance has roped in a German firm to redesign its stores across the country. “Our new high-end concept stores are colourful with bright interiors and have clothes hanging on the wall for better display instead of stalked up in a rack,” Mr Pankaj Tibrewal, COO of the company, said. The company, which plans to open 10 such new stores in a year, has also come out with a loyalty card programme that offers facilities such as free parking, free delivery, free shipping etc, apart from regular discounts
ITC’s Wills Lifestyle too has come up with specialty and boutique stores to offer more premium range. “We are increasingly experimenting with new specialty formats. For instance, recently the company has launched a store in Chennai to sell only menswear,” said Mr Atul Chand, retailing chief of ITC Lifestyle. In the next 15 months, it plans to open 25 new stores across India. Indian textile retail sector alone is expected to grow from Rs 3,15, 000 crore to `9,90,000 crore by 2020. Similarly, the Rs 4,500 crore organised Indian retail footwear is expected to grow to Rs 90,000 crore by 2020.
Mr Utsav Seth, CEO of Pavers England Ltd, the Indian arm of UK footwear major, said “Enthused by India’s market growth, we have committed about $15 million in 2011 to develop our brand presence including an R&D facility to research on consumer taste.” The company is planning to ramp up its sales points to 90 outlets in next two years.
“Youth are a demanding lot who flirt across brands resulting in fundamental changes in the overall business environment,” Ms Ireena Vittal of Mckinsey India, said. Added to this, are the mushrooming malls in the country that have thrown open new vistas for retailers willing to re-strategise their traditional marketing methods.