Impact Retail Private Limited which is a newly incorporated company has drawn plans to establish consumer electronic retails in the market. The company is promoted by Tony Jashanmal, the West Asian Retailer.
The Chief Executive officer, Srikant Gokhale, of Impact Retail Ltd told mediapersons on Wednesday after inaugurating the company’s first retail store in Hyderabad that they are planning to open nearly 30 Xcite exclusive consumer electronic showrooms in the top 15 cities across the country by the end of 2009. And they have planned to invest a wholesome 200 crore for this plan and are very much excited even.
The Impact Retail had arranged a franchise and original equipment manufacturer (OEM) relationship with Alghanim Industries. This is a Kuwait based conglomerate which is very much interested in consumer electronics retails in India and also in auto retail and manufacturing. It is willing to its stores under the Xcite brand.
The retail store according to Mr. Gokhale would be multi branded format stores which would have carpet cover area of more than 20,000 square feet. And the store would be offering more than 3000 products from different categories - like home entertainment, computers and peripherals, small appliances, white goods, music, imaging, communication, and gaming from 150 both international and national brands.
Besides that the electronic retail store would sell its private label products which would not include mobiles and laptops. Under Wansa brand, sourced from the OEM. The company would launch its retail stores in cities like Pune, Bangalore and others by the end of 2008 to fine tune their understanding of customer needs and formats. After they have learned this they would be eager to expand the plan aggressively to pan-India footprint.
The Indian consumer electronics market is currently hooked to an estimate value of $13.3 billion and is still growing at a fast rate of 10 percent per annum. The organized retail accounts to 7.3 % of it.