The influence of the slowdown has not been felt within the style section, based on Vasanth Kumar, MD, Life-style Worldwide Pvt. Ltd.
He was assured that gross sales shall be again on observe, from the slight slowdown the section has been experiencing at present, throughout the festive season.
Mr. Kumar stated the slippage in development fee — from double digit to single digit during the last two years — was primarily as a result of growth of mall house during the last 4 years.
“While mall space has doubled, consumption has not,” he stated, indicating the depth of competitors amongst retailers.
Progress had additionally been hit as a result of failure of some malls to return up inside projected timelines, he stated. Life-style Worldwide gives worldwide manufacturers in addition to personal labels in lots of classes, together with attire, footwear, purses, style equipment and sweetness.
The corporate, which started its India operations by a standalone retailer in Chennai 20 years in the past, now has 78 shops. It’s current in 44 cities and can also be an omni-channel participant, permitting prospects to make use of each on-line e-stores and bodily shops concurrently to make a purchase order.
“This is to provide seamless shopping,” Mr. Kumar stated, including that pure on-line commerce includes 10% of gross sales with the remainder coming from bodily shops. “Fashion consumption” is especially by this format, based on Mr. Kumar.
The Landmark Group’s retail presence in India is thru three different verticals — House Centre for furnishings and residential décor materials, Max for worth attire (priced at a mean of ₹600) and EasyBuy with costs averaging at ₹250.
Mr. Kumar stated operations stay worthwhile. He stated it takes about ₹20 crore (capital expenditure and dealing capital ) to arrange a Life-style Retailer.
Product sourcing was from India, he added.