In a market, which is treading on every rupee with caution, the consumer this year has something to cheer about as they begin their Diwali shopping—Discount stores.
“While the market may have played havoc with many sectors, the correction has worked in our favour as people get more price conscious,” said Jay Gupta, managing director of the discount chain The Loot, which sells branded apparel and accessories at discounts that go up to as much as 60 per cent. The Loot, which has expanded to over 50 stores across 15 states, sells approximately 100 brands that cater to men, women and children.
Another entrant into this fast growing market, that occupies 45 per cent of the Rs 26,400 crore branded apparel and footwear accessories market and is yet to explode, The Grab offers discounts of as much as 80 per cent on branded apparel. “We plan to expand to 10 stores by the end of this year and would take this count up to 50 stores in two years’ time,” said Sanjay Tayal, Promoter Krishna Group, which began the Grab Store chain earlier this year.
Grab plans to woo the brand conscious younger generation through its stores, which Tayal said might be a new concept in India, but is common abroad. “The younger generation is more brand conscious but, since they are still in college or have just begun a career, don’t have strong wallets. That’s where we step in to sate their demand for branded stuff that suits their pockets,” said Tayal.