Involved in business since 1993 in various management capacities at the illustrious Modi business conglomerate, Samir Modi has been instrumental in launching various pioneering initiatives for the Group, including Modicare, Colorbar Cosmetics and Twenty Four Seven Convenience Stores.
A specialist with a knack of incubating and spearheading retail concepts whose time has come, Modi’s entrepreneurial skills are evident in the several retail brands he has created in sync with India’s changing consumer landscape.”I enjoy being in Indian retail because it is a very dynamic environment, where both modern and general trade and retail are undergoing a rapid transformation,” as he himself says.
His other driver for being in retail is that he truly enjoys the process of creating concepts and ideas that leverage the opportunities of an evolving market. “Right from starting an innovative brand like Colorbar, which has moved onto become the third largest colour cosmetic brand in the country, to creating a concept like 24×7, each has been a unique proposition and has addressed a certain need in retail,” he asserts.
Modi launched Twenty Four Seven — positioned as India’s first 24-hour retail store chain, or ‘the ATM of retail’, as he calls it — in 2005 , marketing it as a one-stop shop for all daily and general necessities of the modern-day double-income family. The chain currently has 40 outlets in the National Capital Region and has plans to open 5,000 stores by 2019. Twenty Four Seven also has a franchise agreement with Indian Oil Corporation to open smaller ‘Top Up’ stores at its petrol stations. Modi completed his formative education at the Doon School in Dehradun. He graduated from Delhi University’s Hindu College and later from Harvard Business School.
“I believe that creating business is not just about wealth creation. It is about creating a legacy,” he says. “The greatest professional achievement is not in the milestones that you create or the business bottomline, but in the way you benefit the lives of the many who work with you. Creating jobs and opportunities for young men and women, and giving them a place where they are valued and can succeed would really be my greatest professional achievement.”
Achievements and challenges are equally motivating for Modi. “I think it is the presence of professional challenges, which ensure that you up your ante and play the game well. In my case, I think it is in creating even greater USPs for both the brands, Colorbar and the Twenty Four Seven chain. This is what brings the zing in our step every time,” he states.
So how does he go about visualising concepts whose time has come? “I think it is essential to understand the consumer psyche. Ultimately in retail, consumer is king, and we need to ensure that they get what they want as well as what they need,” he responds. For Indian retailers to succeed in this fast changing landscape, Modi advises consistency in quality, as well as excellent service backed by strong logistics.