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According to McKinsey and Co, almost 40 per cent of the branded apparel sales in India come from discounting. The Loot Store, one of the best known multi-brand discount fashion chains, claims to offer merchandise at a price which is equal to a Loot price.
According to McKinsey and Co, almost 40 per cent of the branded apparel sales in India come from discounting. The Loot Store, one of the best known multi-brand discount fashion chains, claims to offer merchandise at a price which is equal to a Loot price. This month, the store chain has opened its 100th store in Bellary in Karnataka. On this achievement, MD Jay Gupta shares his happiness with TFW.
How are you feeling after setting up 100 successful franchised stores in India?
It feels great to complete a century of franchise stores, particularly during slowdown. We had an ongoing planning of achieving a target of 100 franchise store and are happy to have achieved the plan. The going so far has been very encouraging.
What are the criterions to select a franchisee for your company?
There are basically three criterions to select a franchise for our company. We look at the sales potential of the location where the prepared store is to come up and retail background of the prospective franchise. Along with this, we also look at the financial strength of the prospective franchisee.
Transparent communication is must to succeed in franchising business. How do you communicate with your franchisees?
We have standardised our terms which are mutually acceptable with minor variations, if necessary to suit individual needs, discussions about return on investment and the transparency between two parties before signing an agreement.
What type of training and support do you provide to your franchisees?
We assist them in appointing trained staff and also train them during periodical visits on how to handle customers at different stages, help them in selection of merchandise, depending upon the city. We heavily support them with good promotional activities like tie-ups with colleges, various coffee shops, etc, and with advertisement in edia like print, radio and hoardings, which drive sales.
What are your foreign expansion plans?
We are planning to open 15 stores in the neighbouring SAARC countries like Mauritious, Muscat, Dubai and Nepal.
Share some nuggets of wisdom to succeed in the franchising business?
The basis is to have trust on franchisees. Also, one should do his/her groundwork properly with regards to whichever stream he is planning to get into. There should be proper marketing plan, which includes advertisements and PR to increase the sale as well as the visibility of the brand