The growing apartment culture in cities and the concept of nuclear families and working couples has been fuelling the growth of the segment.
“We are positive about the home improvement space and the market is growing fast, since it accounts for 15-20 per cent of the total budget of any residential property,” company’s Home Division Business Head C K Nair told Business Standard.
The organised home concept space is roughly five per cent of the total retail sector, which shows huge growth potential. “There is tremendous untapped potential in the sector with modern couples preferring apartments and modern homes to traditional houses.”
In recent times, the organised furnishing space in India has seen the entry of Future Group (HomeTown), Hindware (Evok) and Landmark Group (Home Centre by Lifestyle). These brands are catering to the interiors’ needs of the growing middle, upper middle and affluent class households.
HomeStop was launched in 2005 and the company today opened its fifth store in Lucknow. Four other outlets are located in Mumbai, Delhi and Bangalore.
“Shoppers Stop has learnt to make retail more ‘effective’ after the markets faced tough times during the slowdown. Now, the retail sector is in a turnaround phase and things are looking up,” he added.
HomeStop is targeting families with combined income of Rs 8 lakh and above.
The Lucknow store is spread over 15,000 sq ft offering range of home furnishing items from 50 brands across categories viz. home adornments, bed and bath furniture, kitchen appliances and accessories.
“Lucknow is a fast growing market, besides we were encouraged by the success of our Shoppers Stop store here to open HomeStop outlet,” Nair added.
Source : Business Standard