“In today’s scenario, companies are generally re-looking at their marketing strategy and driving consumer demand. However, the most critical aspect is re-engineering the product itself. I firmly believe that if companies have profitable expansion plans, the resources are available,” said Sanjay Bindra, director, BIBA on the resource availability for expansion.
At IFF ’09, ‘Expansion Next’ was among the hot topic and the panelists put forth interesting insights on way forward for current economic slowdown. “We believe it is the right time to take stock. Companies need to keep their strategies on and take a long term view. It may slow down expansion but the strategy will remain the same. One needs to do the routine health checks on performance and keep an eye on profitability,” Shital Mehta, COO, Van Heusen.
The session was extended further to find out strategies for expanding fashion beyond metros. The panelists concluded that markets in non metros will also be great opportunity areas for growth since there will be lot more consumption coming from these markets.
Putting forth his perspective on challenges to expand in tier II cities, Sanjay Verma, executive MD, South Asia, Cushman & Wakefield, said, “Infrastructure challenge will be detrimental in the non-metro growth strategy if corrective measures are not taken in time.”
— IndiaRetailing Bureau