Having taken the responsibility of business development and financial planning, Dalal successfully raised funds from angel investor group in 2007-08 for expansion plans of The Bombay Store. The expansion plan is being implemented since then, rising from six stores to over 14 stores in various formats since, and then to add further 11 stores in two years, taking the tally of stores to 25 across India. He appointed a professional team of senior executives to handle day to day operations and growth of the company.
Experimented with a completely new look to The Bombay Store in Bangalore, which is very contemporary and in keeping with the current trends and having tasted the success, the company is taking this look across all its stores. The product offerings at all The Bombay Store outlets have been completely revamped. The offerings are traditional and at the same time contemporary and modern. The communication of The Bombay Store has undergone a complete makeover from Indian traditional to contemporary Indian.
The contemporary Indian experience at The Bombay Store.
The challenges overcome
The challenges faced were many; one of them was to keep and make The Bombay Store relevant to contemporary choices of modern Indian consumers and at the same time give foreign tourists a traditional Indian experience. However, the focused approach of making and keeping each of the individual store profitable is paying its dividends and fuelling expansion.
Take the tally of The Bombay Store to 25 in near future and expand the footprint across Tier I and II cities. Major emphasis is put on e-commerce business having launched in April 2010.
His understanding of the retail business and his learning in this process
“Indian scenario for retail is at the second stage of expansion and consolidating on the first stage of growth. The learning has been on various levels – markets, products and most importantly the consumers. Today’s consumers are demanding higher levels of customer service and are willing to pay for it. Differentiation and innovation is the key for any brand to survive, with more and more retail stores and formats coming in. Also, the Indian retailers have to put their systems in place before the big international retailers enter the arena, once FDI in retail is relaxed.”