In today’s world, where everything is dynamic there is no room for anything that is mundane. The same is true for the retail industry as well since customers nowadays are attracted towards the novel and innovative product line and retail concepts, be it retail stores offering innovative products or offering usual products in unsuusal ways or food chains serving unique and fusion food items. Consumers are giving a “thumbs up!” to all these new innovative ventures.
By Shipra Srivastava
The key to success for retailers nowadays, when the competition is cut-throat and can squeeze the margin, is to create a unique and compelling concept, which makes the competitors irrelevant. The retailers should then implement the same concept in such a way that a loyal customer base is created and it becomes difficult for the competitors to copy and tarty out the same idea.
‘Concept stores’ is the new breed of retailing which is flourishing in leaps and bounds. As per recent media report, The retail industry as a whole is right now in the growth phase and in the next five years the annual growth rate is going to be about 40 per cent. That of specialty retail would be between 40-50 per cent. As the Indian economy has boomed the whole paradigm of consumers’ expectations from retailers has taken ISO degree shift. In fact, over these years overall retail in India has gone through various drastic changes, especially when it comes to niche retail, which now has a defined characteristics and growth attached to it. Though, while back it was tough to define growth and market size or the structure of retail as a vertical. Things has changed, now
we can talk about specially or niche retail as a micro vertical under retailing.
Speaking on same. Navin Kanodia, Managing director, S.T.Unicom, says “India is in a very interesting phase and concept retailing has immense opportunity, especially in the lifestyle category. Lifestyle as a category is best expressed with innovation and experience. It is even more in case of decor and accessories, where touch and feel matter the most. The concept and essence of both are very different. Specialty retail is all about a having a strong concept to offer and which also gives a rare, personalized personal experience of shopping.”
Retailers going beyond the nomenclature of Retail
Speaking on his retail concept Kanodia shares.” Our retail brand SPACIO is designed as an ‘Experience Store’ which allows the customer to soak in the ambience and get inspired by the decor ideas. The customer completely feels the product before making the final decision.”
Speaking further he adds. “We have launched Just For Clocks which is India’s first speciality retail chain store for clocks in 2015 as we feel Indian market is ready to accept it. We have received immense praise from customers, investors and industry experts for this concept. We believe with the launch of like Just For Clocks, the designer clock market in India has been redefined. We have now around 13 international décor brands which include brands like Nextime, Nomon, Tothora, Progetti, Haoshi, Karlsson which are now accessible to the contemporary Indian customer. Internationally, these brands are known for creative excellence and amazing product innovation. At Just for Clocks we are bringing all these brands together under one roof.”
