Indian Jeweller (IJ) Magazine August -September 2019

The Big STory
Demographics of the core
customer, area of the retail
space, population of that
particular area, how accessible
that area is and most
importantly preference of the
customers – these are the main
factors. So as a brand, we do a
dipstick study taking all these
factors into consideration before
choosing any location for our
store
Aditya Pethe, WHP Jewellers
The first thing
you have to ask
yourself as a
business owner
is what kind of
brand you want
to be and more
importantly
who your key
demographic is
The Nitty-Gritties
There are many questions to ponder over
while choosing the location for your
store. But the first thing you have to ask
yourself as a business owner is what kind of
brand you want to be and more importantly
who your key demographic is. Mumbai based
WHP Jewellers which began its journey in
1909 has come a long way with 12 stores in the
city and more in smaller towns of Maharashtra.
“Demographics of the core customer, area of
the retail space, population of that particular
area, how accessible that area is and most
importantly preference of the customers –
these are the main factors. So as a brand, we
do a dipstick study taking all these factors into
consideration before choosing any location for
our store,” says Aditya Pethe.
Working towards building a store in the
best possible location is important but what
kind of area it is has to be one of the main
considerations. For Kalamandir, the entire
surrounding is a major factor. “What is the
market around like and what shops do we
have around, not just in terms of jewellery
but also apparel because every area is different.
But who my neighbours are is something we
really give importance to. It doesn’t matter
how many jewellers are concentrated in one
area, I still want to be in the thick of that
competition. But if I am entering a new area, I
have to do research from scratch and there are
still no guarantees,” adds Milan.
Pratap however disagrees, “When we sat
down to decide our location, we didn’t want
to be around other jewellers. Personally, we
didn’t want to be seen amidst other jewellers
and this is a trend now. Today, most of the
large format chain stores always look for a
place where other jewellers are present. A
Kalyan always wants to be next to a Tanishq or
a Joyalukkas. Most people believe in being in
the hub and may be there is undue advantage
104 | august-september 2019 | INDIAN JEWELLER