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Retailers launch Style Syndicate to beat economic slowdown

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Retailers are been seen doing all possible to clear their inventories and also drive in footfalls when customers across are restricting their purchases. In Mumbai, five retailers — Aishwarya Design Studio, Jinaam, Optons, Paaneri and Sia Art Jewellery — assembled to launch Style Syndicate. With Style Syndicate, the retailers can collectively offer discounts to customers and also share the advertising and marketing costs to promote the syndicate.

The first event brought together by the group is called – The Style Sutra 2009 which has been positioned as the biggest bridal fashion carnival. Under this association, all the five retailers will provide up to 50 per cent discount on their merchandise and a shopper can also avail Rs 500 gift voucher on purchase of merchandise worth Rs 5000 which can be redeemed at any of the remaining four stores.

“The objective is not only to share the marketing, advertising and promotional costs between all the five retailers but also share the customer base and devise a common CRM activity thus rotating footfalls in each of the stores,” said Jatin Chhadva, chief executive director, Sia Lifestyles.

Post the first initiative which will be on till February 15, 2009; the syndicate also plans future activities and is hoping to rope in more like-minded retailers. The minimum investment made by each for the first initiative is amounting to Rs 15 lakhs.

— Zainab Morbiwala, Mumbai bureau

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