Titan Industries has invested close to Rs. 12 crore in creating a fresh retailing identity. Company officials are hoping that the new focus on customer convenience will give it the much-needed edge in the fast evolving retailing game. In the first phase, Titan intends to cover its 60 outlets spread over eight cities by September.
Commenting on the need for a new look, KS Ghai, Head – Retailing, Titan Industries says, “We had used a certain look for almost 10 years, and the design and layout had grown old. Retailing has become a very competitive game. Everyone from durables, saree or a shoe company is evolving a new look. It was trend we could not ignore.”
With impulse buying becoming a serious trend within the watch segment, Titan has invested a total of Rs. 12 crore to develop a new look, design and layout for its World of Titan stores. With each exclusive outlet taking Rs. 15-20 lakh, the revamping activity is to be completed across the major eight cities by September. According to Ghai, the exercise was a very important one, especially for the outlets in Delhi, Mumbai, Bangalore, Pune, Chennai, Calcutta, Ahmedabad and Hyderabad, as they contribute the bulk of Titan’s revenues. “Close to Rs. 200 crore comes from our stores in these eight cities, which is approximately 60% of the total revenues,” he reveals.
A keen customer insight has been applied in giving these stores a new identity. Using a combination of features like special lighting, use of island space and an innovative display concept, the stores are projecting an image of non-intrusive, easy browsing. While older stores have been placed first on the makeover table, some of the newer ones, which bear a middle look of sorts, are being left untouched for the time being.
Besides this, the company has ventured into the lifestyle accessories segment with its Fast Track eye gear collection. Currently being test marketed in Bangalore, the sunglasses will be launched nationwide by April. Priced between Rs. 695 and Rs. 1,700, these sunglasses are said to be the only branded ones in the specific price segment. Besides this, the company also plans to launch its exclusive leather line including wallets, belts and other accessories. Titan, which is valued at Rs. 350 crore, has a franchising chain of 160 stores in over 98 cities.