The Indian shopper will never miss a deal that offers value for money. Never mind the plummeting Sensex, bargain-hunters thronged malls and hypermarkets over the Republic Day weekend, perhaps signalling that consumer cutbacks is a matter of worry for the US economy, not India.
The fact that Mumbai's benchmark index recovered lost ground on Friday after a woeful week may have cheered the shopper sentiments.
Kishore Biyarni's Big Bazaar chained owned by Pantaloon Retail successfully managed to turn January 26 into a shopping event in 2006, and the trend has caught on with other retailers as well.
Speaking to Hindustan Times, Pantaloons spokesman Atul Takle said, mobile phones, food items and electronics recorded very good sales.
All the Big Bazaar outlets put together (over 80 of them) did a business of Rs 300 crore in the three-day sale that ended on Sunday, January 27. This is twice the amount the company registered last year from around 45 Big Bazaar outlets.
Billed as the "Sabse saste teen din" (the cheapest three days) by Big Bazaar, a buzz has been built around the event.
Govind Shrikhande,CEO of Shoppers’ Stop, another big retailer, said it saw a 10 per cent increase in sales over and above a normal weekend.
Essar Retail’s ‘The Mobile Store’ outlets have also done very good business in Mumbai.
Ajit Joshi, CEO of Infiniti Retail Ltd said its 15 Croma outlets did 15 to 20 per cent more business than a normal weekend.