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NEW DELHI :Lifestyle, a well-liked trend retailer and a part of Dubai-based retail and hospitality conglomerate Landmark Group, is planning to develop its retail footprint in India by opening a minimum of 50 new shops over the following three to 4 years. The growth will primarily give attention to smaller cities and cities, that are at the moment underserved by massive organized retailers.
NEW DELHI :Lifestyle, a well-liked trend retailer and a part of Dubai-based retail and hospitality conglomerate Landmark Group, is planning to develop its retail footprint in India by opening a minimum of 50 new shops over the following three to 4 years. The growth will primarily give attention to smaller cities and cities, that are at the moment underserved by massive organized retailers.
The firm plans to open smaller format shops in these places, which it has already piloted in tier-2 and tier-3 cities in India with a lot success. Lifestyle goals to benefit from the pattern of customers in smaller cities transferring from unorganized to massive, organized retail chains, which is opening up a “huge avenue for growth” for the corporate.
The firm plans to open smaller format shops in these places, which it has already piloted in tier-2 and tier-3 cities in India with a lot success. Lifestyle goals to benefit from the pattern of customers in smaller cities transferring from unorganized to massive, organized retail chains, which is opening up a “huge avenue for growth” for the corporate.
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Lifestyle at the moment sells third-party manufacturers in addition to its personal non-public labels. Over the final a number of quarters, the corporate has been pushing extra non-public labels in shops, particularly within the girls’s and ethnic put on classes. It can also be working with massive builders to make present shops extra productive and drive same-store gross sales progress. With non-public labels, the corporate has extra management over pricing, promotions, and the whole lot else, permitting them to determine gaps available in the market and launch merchandise that may appeal to prospects to their shops.
The firm’s growth plans are bold and will likely be a lot sooner than previously. On Wednesday, the retailer opened its a centesimal retailer within the nation, over twenty years after it first entered India. Opened at Raipur’s Magneto Mall, the shop sells clothes, footwear, purses, magnificence merchandise and equipment.
This fiscal 12 months alone, Lifestyle plans so as to add between 18-20 shops. The firm has innovated on the storefront, altering the way in which the field seems to be like. Typically, Lifestyle is a 45-50,000 sq. toes retailer; nonetheless, with the brand new small-store format it has unlocked an enormous quantity of geographical growth for the corporate.
“The pipeline that we see is a minimum of 50 shops developing within the subsequent three to 4 years. It will likely be a lot sooner than what we took for the primary 100 shops,” said Devarajan Iyer – Executive Director & CEO, Lifestyle.
He said that stores in smaller markets have unlocked a “huge avenue for growth” for the retailer and that buyers in smaller cities are fast-paced from unorganized to massive, organized retail chains, which is why the corporate is opening model new shops in markets akin to Raipur and Guntur. “What we’re seeing as a major pattern is there appears to be a marked motion from the unorganized to the organized enterprise. Organized retail is starting to do properly and all that is coming from a better aspiration stage being seen in these markets,” he added.
Consumers in smaller cities are buying into branded clothing and spending more on upgrading their wardrobes, according to Iyer. These markets are still under-served by large organized retailers, and they rely on online marketplaces to shop for fashion. When Lifestyle launches its brands in smaller towns, people assume they need to ensure they have enough low entry price points. However, Iyer said that when they launch in Guntur or Patiala, for instance, it isn’t just the lower price points that do well. They are seeing robust growth in each of these small markets.
“We were coming out of two fairly troubled years. So, the focus was on how we get our existing stores up and running and really improve productivity. The second was, of course, online, because that was the main channel of sales during covid. The third one was private labels. With other brands, there is only so much you can do because product pricing, promotions, and everything is controlled by the brands. Whereas with owned brands, you can figure out gaps in the market and launch products that can gain footfalls into the stores etc,” he stated.
Iyer stated that Lifestyle may replicate its small-store codecs and open them in micro-catchments in massive metros.
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