Mumbai,Dec 17 (UNI) Home Solutions Retail(I) Ltd, a part of the Future Group, today announced that it aims to expand its share in the organised retail market of consumer durables and electronics to ten per cent with an investment between Rs 450 to 500 crore.
Mr Manoj Kumar, CEO Home Solutions Retail (I) Ltd, told reporters here that the current share in organised retail market was 4 to 5 per cent. He said Home Solution's retail formats - eZone, the electronics and consumer durables store chain will increase the current number of stores from 26 to about 75 -100 across the country in the next 18-24 months.
The Electronics Bazaar, which focuses on electronics and consumer durable products in the value segment, will increase presence to 200-250 stores.
He said the last one and half years have been exciting journey for eZone and Electronics Bazaar. ''From Zero to 104 stores across 48 cities, especially in this highly competitive marketplace, is an achievement that we take pride in. We will continue to focus on providing a superior shopping experience and great deals to consumers and focus on dominating this space, '' he added.
Kumar said the company's private labels Koryo and Sensei have received good response from the consumers. Over 15 per cent of the total revenues of eZone and Electronics Bazaar come from private labels. These brands are backed by an after-sales network of 52 centres across 45 locations in the country. Offering a quality product at highly competitive price, Koryo offers products to improve the lifestyle of common Indian, whereas Sensei offers digital gizmos and electronics products to upgrade the lifestyle of the Indian consumer.
Mr Hemchandra Jhaveri, CEO of Home Solutions Retail(I), said due to the booming economy and rising disposable incomes among Indian consumers, there is a noticeable rise in consumer durables and electronics category. ''We will be better positioned to meet this increased demand, through planned expansion. The success of both eZone and Electronics Bazaar has been quite remarkable. In the last 18 months since these formats were launched, they have emerged as favourties of shoppers across the country,''he added.
He said eZone has also been spearheading innovation in retailing of consumer durables and electronics brand to test market and launch new categories. One such initiative is the 'car stereo demo room' wioch creates the ambience of a car and enables customers to experience different models of car stereo system in the right setting. Another innovation is the 'Future Zone' at eZone stores which is a special section of displaying gaming gadgets, toys, educational material for children. eZone stores also have a 'Home Theatre Demo Room' to give consumers a feel for home theatre systems, in just the right setting, he added.