Indian Jeweller (IJ) Magazine August -September 2019

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The Big STory Location is very important to not only attract desired audience but ensure there is substantial Point of Sale Location, Location & Location In today’s highly competitive retail environment, especially where a majority of the companies are on survival mode, location is one of the most important factors in determining whether or not a brand is future-ready and future-proof. The primary objective of any retailer is to maximise sales and a store location is very important to not only attract the desired audience but ensure there is substantial Point of Sale (POS). “Store location actually defines the quality and quantity of footfall for any retail sector. While a store in a popular jewellery highstreet like T.Nagar in Chennai or Hughes Road in Mumbai attracts targeted footfalls, a store in a busy market area attracts buyers with diversified socio-economic profiles and interests,” says Ahammed MP of Malabar Gold & Diamonds. With a strong retail network of over 250 stores, aggressive retail expansion has always been part of Malabar’s modus operandi but location has been the driving force behind all of the store openings. “Footfall has always been a critical aspect of retail when it comes 102 | august-september 2019 | INDIAN JEWELLER
to driving sales and enhancing conversion rate. The popularity and visibility of a store are to a greater extent determined by the volume of footfalls it attracts. So, location plays an extremely big role in driving footfall to the store. At the end of the day, quality footfalls create quality retail opportunities,” adds Ahammed. The scope of the word location, however, is broad. While it is easy to use words like “prime location” loosely, there are many nuances involved while choosing the right location for your business. “In a mature market like the U.S., where high street shopping is concerned, connectivity is really good. In India though, connectivity was poor until a few years ago and today it is mediocre. So location alone is not important, in a country like India, location with good parking is important,’ says Pratap Kamath of Bangalore based Abharan Timeless. If you have the right location, then little effort has to go into building the rest of the brand, believes Milan Shah of Surat based Kalamandir Jewellers. “There are three important factors in any retail business. Location, location and location. If you have figured out the right location, the rest of the peripherals can be worked upon with minimal effort.” Occupational costs On an average how many consumers visit the area to shop? Proximity to residences and accessibility through public transport Amrapali, which has patronage across the world, has an interesting strategy when it comes to retail expansion. The brand has a presence in high-end, luxury hotels and standalone stores in upmarket areas. It also has tie ups with high-end brands like Goodearth (in India) and Harrods (in the UK) as it shares the same target audience with these brands. “Location is the most important factor when opening a new store. We have tried to use prominent locations for our brand. Our store in Juhu is right opposite JW Marriott and next to Starbucks. This is ideal for us as it attracts foreign consumers who could be staying at the hotel and even locals who will go to Starbucks in the vicinity. We also have a store in Taj Mahal Palace hotel which is one of the most prime locations in Mumbai. In Delhi, we are located at Khan Market, another popular area. We also have a presence at airports, which I feel is one of the ideal places to shop. If you have a layover or are waiting for a flight, you’re kind of trapped and what most travellers do is shop or eat. Even for last minute gifting, the airport is a great place to buy gifts for your loved ones,” says Tarang Arora. Location: Important Factors Costs involved in leasing/ owning the area along with maintenance costs like electricity etc. Size of the catchment area Accessibility & convenience We have tried to use prominent locations for our brand. Our store in Juhu is right opposite JW Marriott and next to Starbucks. This is ideal for us as it attracts foreign consumers who could be staying at the hotel and even locals who will go to Starbucks in the vicinity. We also have a store in Taj Mahal Palace which is one of the most prime locations in Mumbai. In Delhi, we are located at Khan Market, another popular area. We also have a presence at airports which I feel is one of the ideal places to shop. If you have a layover or are waiting for a flight, you’re kind of trapped and what most travellers do is shop or eat. Even for last minute gifting, the airport is a great place to buy gifts for your loved ones Tarang Arora, Amrapali Jewels Facilities Does it have ample parking, does the area allow for enough moving around etc. INDIAN JEWELLER | august-september 2019 | 103
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Indian Jeweller (IJ) Magazine August -September 2019

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