Source: ET, NEW DELHI:
They are making enough noise to pull people to malls, they are the toast of big retail set-ups and are a small but fast growing part of a multi-million dollar industry within the country. Yes, we are talking about recreational retail. From pottery-painting to portrait-making, creating toons or casting gold and silver impressions, there are a variety of concepts that abound in malls or exist as standalone ventures. In fact, a whole new concept of leisure retail beckons the Indian consumer like never before.
They are making enough noise to pull people to malls, they are the toast of big retail set-ups and are a small but fast growing part of a multi-million dollar industry within the country. Yes, we are talking about recreational retail. From pottery-painting to portrait-making, creating toons or casting gold and silver impressions, there are a variety of concepts that abound in malls or exist as standalone ventures. In fact, a whole new concept of leisure retail beckons the Indian consumer like never before.
“Indian consumers are rapidly upgrading lifestyles and their recreational spend is growing by leaps and bounds. But entertainment options for them are still very limited. That’s when we decided to come up with Colour Factory, places where people can come and be themselves,” says Vikas Verma, Founder and CEO, Colour Factory. The company started operations in January 2006. At its stores, people can choose utility items such as cups and mugs and colour them at will with food-safe colours. These are then glazed, fired and returned to them within a week.
Verma noticed something similar in an outlet in Netherlands and brought the concept to India. “We are a small part of the Indian recreational industry that is approximately worth Rs 20,000 crore. We currently have five stores and plan to have five more by the year-end. The fact that we are growing at 70-80% per annum proves that people are liking the concept. We had set up a temporary camp in Meerut and people there too were extremely excited.”
Besides Verma, there are others who have some illustrious clients for their unconventional retail concepts. Ask Bhavna Jasra, CEO, First Impression, who casts 3D hand and foot-impressions in gold, silver and bronze. Bhavna, who started the concept six years back after chancing upon tiny foot impressions of a friend’s daughter in London, today counts famous names such as Abhishek-Aishwarya, Rani Mukherjee, Anil Kapoor and Subhash Ghai as her clients.
Says Bhavna, “I have been achieving steady 30-40% y-o-y growth over the last three years. It’s an extremely niche concept and I have deliberately kept it class rather than mass.” With a price point starting at Rs 15,000 for babies and Rs 30,000 for impressions of a couple holding hands, the concept no doubt is niche. But that hasn’t stopped its growing popularity and Bhavna has already introduced her second brand under First Impression called ‘Photo Concepts’.
Ditto for Meghna Pant, CEO and founder of Make My Toon, which is into the business of making customised cartoons online. The costs vary from Rs 3,000-10,000 depending on the clients’ needs. “We got a very encouraging response. We started a year back and at that time we barely got one-two orders a month as against 30-40 orders a month now,” she says.
But how effective are these concepts in a market where acceptance of unconventional business models is yet to pick momentum? “We have 50 people visiting our store everyday. The conversion rate is greater than 50%. This is an American concept but today’s Indians are ready for it. They are well travelled and give us great response,” says Surabhi Sawhney, director, StarShots, a store where people can get themselves properly modelled and have photographs clicked.
The fact that these concepts are affordable adds to their popularity. While a StarShots portrait costs anywhere between Rs 2,500 and Rs 5,500, Colour Factory’s products cost in the range of Rs 145-200. But even if they are priced in a higher range, the concept is unique and does draw eyeballs. “When I started six years back, the concept was novel. But now with increasing travel, exposure and awareness, the market has opened up considerably. I get at least 100-200 enquiries a month and convert close to 50% of them into sales,” adds Bhavna.
What’s more, their traction power also keeps mall management in high spirits about housing such retail concepts. “More than footfalls, such stores help drive interest to our mall. That is why they are so popular. We take extreme care before selecting the outlets. They are unique and that’s why they are here,” says Anjali Wadhawan, senior business development manager, Select CityWalk Mall in Delhi. The mall has invited some such stores to start operations in its premises. Their growing numbers and customer interest is a clear sign of the fact that leisure retail is definitely here to stay.
