Brand Stores, Brand Stories

In India, brand stores drive growth, and there are many successful brand stories related to this expansion.

As stores are opening up and reopening, more growth is visible across various industries.

• Lenskart closed the financial year ending March 2020 with total sales doubling to over ₹1,000 crore, taking a major lead in market share and growing from the previous year’s sales of ₹485 crore.
• With increasing sales, Lenskart plans to invest $50 million (₹380 crore) in setting up a large additional manufacturing plant.

• Currently operating 600 stores, out of which 550 have already opened, Lenskart ensures safety by:
  • Booking store appointments online to avoid crowding.
  • Sanitizing frames after every trial using UV light ovens.
• Despite the pandemic, Lenskart plans to open 200 to 300 more stores this financial year.

With its store expansion strategy, Lenskart has become a great brand story, achieving:

• ₹1,000 crore turnover
• $1 billion valuation
• Projected milestone of 1,000 stores in the next couple of years.

Lenskart is a great example of ‘Brand Stores and Brand Stories’.

Another great example is Reliance Retail, which has acquired Future Retail for ₹24,713 crore. This acquisition gives Reliance Retail a huge boost in Brand Stores and makes it an even stronger Brand Story.

• By acquiring Future Retail, it will be adding 1,500 stores across 400 cities and towns in the country.
• Reliance Retail, with a store count of 11,806 outlets across 7,000 towns, is using store expansion as a thrust for business growth.
• It is set to become the largest player in the retail business. With every new store opening, Reliance Retail continues to grow more.

Reliance Retail is another excellent example of ‘Brand Stores and Brand Stories’.

Another example is Croma, launched in 2006 by the Tata Group, as the first large-format specialist retail store catering to multi-brand digital gadgets and home electronics.

• With 143 Croma stores in 30 cities, it remains a consumer favorite for digital and consumer electronics.
• Croma has expanded with new stores in malls and standalone outlets on high streets to meet evolving consumer demands.
• A recent addition is a standalone store at Kurla, a Mumbai suburb. This move reflects Croma’s aggression in building an unparalleled brand story.

Despite having malls nearby, such as Kurla Market City and R-City Mall at Ghatkopar, Croma’s decision to open another standalone store at Kurla showcases its deep desire for growth.

Croma is another great example of ‘Brand Stores and Brand Stories’.

Another great Brand Story, through the growth of Brand Stores, is Bata Footwear and Accessories.

• Bata is the world’s leading shoemaker by volume, with a retail presence of over 5,300 stores in more than 70 countries.
• In India, it has about 1,400 stores, of which 1,200 have reopened since the pandemic.
• With plans to open even more stores, Bata exemplifies growth through every new store.

Bata India, incorporated in 1931, has grown to become the largest retailer of footwear in the country. Its hunger to expand through each new store reinforces the strategy of ‘Brand Stores and Successful Brand Stories’.

India is a growing market, with world-class consumers. Indian shoppers prefer stores in their vicinity, making store expansion a crucial driver of retail success.

• A strong Brand Story in retail is built through a chain of growing stores.
• The quality of products and services, store ambience, branding, and customer service play a crucial role in attracting and retaining customers.
• Consumers visit and revisit stores, making every branded store a part of a successful brand story.

To ensure sustained brand and business growth, my recommendation is clear:

“Open and reopen each store, to grow more.”