Home Solutions Retail (I) Ltd, a part of Future Group, announced Rs 500 crore worth expansion plans in consumer durables and electronics retailing. As part of the plans, their two retail formats – eZone and Electronics Bazaar (store inside Big Bazaar) – will expand their reach as well. eZone with 26 stores at present will increase the count to about 75-100 in the next two years, and Electronic Bazaar, which focuses on electronic and consumer durable products in the value segment, will increase its presence to 200-250 stores in the next 18-24 months.
Hemchandra Javeri, CEO, Home Solutions Retail (I) Ltd, said, “Diwali period saw us getting very strong in the electronics and consumer durable market in India, and we have emerged as the largest retailer in both the segments. We are looking at a 30 to 50 per cent same-store growth and also planning to open new stores at a fast pace.”
Manoj Kumar, CEO of eZone and Electronics Bazaar, claimed, “At eZone we offer customers a totally different buying experience. For example, if someone is looking to buy a toaster, we offer him the facility to try the various options we stock along with a live demonstration there and then. At Bangalore we are already the leaders in the electronics and consumer durables segment, with over 10 per cent of the market share. Through Electronics Bazaar we aim to upgrade the lifestyle of the common Indian through offering products at a reasonable rate. We are looking at a turnover of Rs 3,000 crore for the period 2009-10.”
The company has already introduced their private labels Koryo and Sensei. Where Koryo is for the mass market, Sensei products fall in the lifestyle category. Both brands are sold through eZone and Electronics Bazaar, and according to Kumar they have no plans of retailing them through other multi-brand electronic retail outlets or through exclusive standalone stores. He informed that the overall contribution of the in-house labels is about 12-15 per cent of their overall business from eZone and Electronics Bazaar.
– Zainab Morbiwala, Mumbai Bureau