Canon ventures into retail domain

Canon India Pvt. Ltd., complete digital imaging company, announced its foray into the retail space, with the launch of its exclusive brand retail store, “Canon Image Square”. The retail store which will have an average retail space in the range of 800 sq ft to 1300 sq ft, has the retail space of 1,450 sq ft in their first store opened at Great India Place mall, Noida today. The store was launched by global cricket icon, Sachin Tendulkar, who is also the brand ambassador of the brand.

We have a record growth of 50 percent in 2010 and expect to close the year at Rs 1260 crore, said Mr. Kensaku Konishi, President and CEO, Canon India. Adding further to that he said that the new Brand Retail Business Division will contribute 20% (Rs 600 crore) of our revenues in three years time.

Speaking on the occasion Mr. Alok Bhardwaj, Senior Vice President, Canon India said that the company is planning five such stores by the end of this year in cities like Nasik, Bangalore, Delhi and Kolkata. This will be followed by 95 stores in 2011, 100 stores in 2012 and the next 100 stores in 2013, taking the total store count to 300 retail stores. All the stores will be on franchising business model for which Canon India will be training the staff. Out of the 300 stores that is planned for 150 cities, 70 per cent of the stores would be in the tier II and tier III market, he added further.

The company is looking to invest Rs 150 crore in the next three years, with an average investment of Rs 50 crore per store.  The company also expects estimated revenue of Rs 30 lakh per store, every month..