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MARCH 2019 | VOL. 18 NO.3 | PAGES 106
Editor-in-Chief | Amitabh Taneja
Editorial Director | RS Roy
Publisher | SP Taneja
EDITORIAL
Managing Editor | Surabhi Khosla
Assistant Editors | Sandeep Kumar, Charu Lamba
CREATIVES
Art Director | Pawan Kumar Verma
Dy. Art Director | Deepak Verma
PRODUCTION
Sr. General Manager | Manish Kadam
Asst. Manager | Ramesh Gupta
SUPPORT
Sr. General Manager – Administration | Rajeev Mehandru
SUBSCRIPTION
Deputy Manager – Subscriptions | Kiran Rawat
ADVERTISING
DELHI:
• Partha Ganguly | General Manager
MUMBAI:
• Santosh Menezes | Regional Head (West)
KOLKATA:
• Piyali Oberoi | Vice President & Branch Head
• Rohan Narayan | Manager
BENGALURU:
• Suvir Jaggi | Vice President & Branch Head
• Smriti Bhagat | Asst. General Manager
• Ashraf Alom | Manager
BUSINESS
Anjali Sondhi | Director
Th e East Indian Retail Industry is on a growth trajectory. To a market
strategist, East is undoubtedly an ideal location for the growth of the
retail industry. Besides being the principal retail-and-services market
to a vast hinterland, there are cities which can serve as a center of trade
and commerce for the region.
East’s proximity to Bangladesh, a country of 13 crore+ consumers,
and to the South-East Asian markets is spelling boom time for the
region as is its large, aspirational, middle class population with access
to increasing disposable income. Th is, as well as high speed Internet,
increasing exposure to technology and the shooting popularity of social
media has opened unprecedented opportunities for the retail industry
in the East.
In the March 2019 issue of IMAGES Retail, we bring you a complete
study of this fast emerging as a vibrant business center. Th e cover story
analyses change in consumer income and demographic profi le, and
the role technological innovations, cultural shifts and social media play
in the growing standing of retail in the East on high streets and within
malls.
Th e issue also carries for its readers, a special feature on Blue Yonder,
A JDA Company. Th e article talks about how the company’s innovative
AI and ML solutions enable retailers, consumer products and other
companies to intelligently transform their operations and make more
profitable, automated business decisions that deliver higher profits and
optimized customer experiences.
Along with this, the issue brings you a feature on our upcoming
fl agship event, India Fashion Forum on March 27-28, 2019 in Mumbai.
Th e curtain raiser discusses the theme of the upcoming forum ‘Innovate
Th e Future of Fashion’ and takes an insightful look at what makes
fashion the most profi table segment for the Indian Retail Industry.
As always, we hope you fi nd the issued informed and benefi cial. We
look forward to seeing you in large numbers at the India Fashion Forum
2019 at Renaissance, Powai in Mumbai next week.
Editorial March 2019.indd 6 18-Mar-19 1:58:33 PM
contentsMARCH 2019 VOL. 1 8 NO. 3
[ C O V E R S T O R Y ]
[ P A G E 3 2 ]
THE RISING EAST: BOOMING RETAIL MARKET OF EASTERN INDIA
To a market strategist, East is undoubtedly an ideal location for the growth of the retail industry. Besides being the principal retail-and-services market to a vast hinterland, there are cities which can serve as a center of trade and commerce for the region. Th e region is at the cusp of being transformed from a traditional customer base into a brand conscious, product-savvy market
COVER STORY | RESEARCH[ P A G E 4 2 ]
EAST INDIA: MORE SCOPE FOR RETAIL GROWTH
COVER STORY | EXCLUSIVE [ P A G E 4 6 ]
‘SREELEATHERS SPECIALISES IN INTRODUCING CATEGORIES THAT BLUR SOCIO-ECONOMIC LINES’
COVER STORY | MARKET DYNAMICS [ P A G E 5 0 ]
COVER STORY | FOCUS FEATURE [ P A G E 8 2 ]
RANCELAB AIMS TO BE GLOBAL RETAIL AND RESTAURANT SOLUTION PROVIDER BY 2019
14. NEWSMAKERS NATIONAL Mergers & Acquisitions, New Launches Mark Modern Indian Retail
18. NEWSMAKERS INTERNATIONALExpansion Plans, M&As by Retail Giants Lead to Robust Retail Outlook
22. RETAIL TECHNOLOGYBlue Yonder, A JDA Company: Providing Innovative Retail Solutions Th rough AI & ML
Th e company’s AI & ML solutions enable retailers to intelligently transform operations & make profitable, automated decisions that deliver higher profits, optimized consumer experiences
28. INNOVATION | TECHNOLOGYTanishq Elevates CX; Introduces AR Jewellery Buying Experience
Tanishq introduced MirrAR for providing a next gen experience to consumers
30. FOOD RETAILIKEA Restaurants: Have Th ey Tasted Success In India?
IKEA’s restaurants worldwide are a sure shot way to lure customers in, especially in a country like India where food is an integral part of the culture
84. INNOVATIONRetail in Restaurants: How Bright is the Future?
Restaurants are re-modelling themselves to include separate retail sections to attract Millennials
90. CENTERSTAGEFashioning a Great Connection: Mapping India’s Success as a Fashion Destination & Th e Future Direction
96. SUCCESS STORY How Miraj Cinemas Is Using Technology To Weave Its Growth Story
Miraj’s 110 cinemas in 37 cities are all about providing consumers with premium tech and a feel-good experience at aff ordable prices
98. CURTAIN RAISERIFF 2019: Innovate the Future of Fashion
Slated to be held in Mumbai on 27th and 28th March 2019 the forum will honour developments and achievements in the fi eld of fashion retail in the last one year
102. WHAT’S HOT Epic Group to Enter India, Revolutionise Garment Manufacturing Industry
Th e manufacturing facilities of the brand are designed to combine traditional skills and modern technology to serve a new era and evolving consumers
Contents March 2019.indd 8 18-Mar-19 6:37:47 PM
RETAIL TECHNOLOGY
22 | IMAGES RETAIL | MARCH 2019
Blue Yonder, A JDA Company: Providing Innovative Retail Solutions Through AI & ML
The company’s AI and ML solutions enable retailers, consumer products and other companies to intelligently transform their operations and make more pro table, automated business decisions that deliver higher pro ts and optimized customer experiences…
– By Surabhi Khosla
This is what Michael Feindt – Founder & Chief Scientifi c Offi cer of Blue Yonder, Inventor of NeuroBayes® Algorithm at CERN and Professor at the Karlsruhe Institute of Technology – fi rmly believes in. Ironically it was a bad decision with his own fi nances, leading to losses at the equity exchange, which led Feindt – a pure physicist – to realise the full potential of Artifi cial Intelligence (AI) and Machine Learning (ML).
“After I lost the money, I started to analyse in my free time whether one can predict equity prices with the help of an algorithm called NeuroBayes® that I wrote for CERN. Th is neural network can predict complete probability distributions for single observations, and for many observations. It can also be individualised, because for each observation, there are many, many input variables. I did this for physics, but then I realised, I can do this for other sectors too apart from physics,” says Feindt.
‘Arti cial Intelligence can account for more factors and complicated nonlinear and correlated dependencies of data much better than humans. They can do a proper risk assessment and nd optimal decisions, leading to improvement in decision-making.’
Three years ago we decided to concentrate
only on retail. The reason for this was
that there is very strong competition
in retail, the margins are very small, and we
understood that taking the right decision
can make a complete di erence between a
very successful retailer and the retailers that
are dying.
– Michael Feindt
Retail Technology_JDA.indd 22 18-Mar-19 12:24:30 PM
TECHNOLOGY INNOVATION
28 | IMAGES RETAIL | MARCH 2019
– By Charu Lamba
Tanishq introduced MirrAR, an AR software platform – in collaboration with StyleDotMe – for providing a next gen experience to consumers at airports who were interested in buying jewellery…
Tanishq Elevates Customer Experience; Introduces Augmented Reality Jewellery Buying Experience
From social media fi lters, to reshaping the concept of traditional retail, Augmented
Reality (AR) is rapidly growing in popularity because it brings elements of the virtual worldinto the real world, thus enhancing the things we see, hear, and feel.
AR – often considered to be in the middle of a mixed reality spectrum; between the real world and the virtual world– has made retail engagement all the more experiential, fascinating and personal. Tanishq, one of India’s most trusted
to consumers who were interested in buying jewellery. Using the platform, users virtually tried on the jewellery in real time, without actually having to wear heavy jewels.
At the airports, MirrAR experience zones gave shoppers the feel of a luxury dressing room where they could sit and try on hundreds of jewellery items from Tanishq, take pictures and immediately share on social media for an engaging experience. Users could see themselves in adorned in diff erent types of jewellery on a largescreen for an intuitive experience without going through the multiple physical
The Tanishq Story Tanishq has been synonymous with superior craftsmanship, exclusive designs and guaranteed product quality for over two decades.
It has built for itself the envious reputation of being the only jewellery brand in the country that strives to understand the Indian woman and provide her with jewellery that meets her traditional and contemporary aspirations and desires.
To stress on their commitment to offer the purest jewellery, all Tanishq stores are equipped with the Karatmeter which enables customers to check the purity of their gold in the most effi cient manner.
Tanishq offers gold and gem-set jewellery (in 22 and 18 karat gold) in over 5000 traditional, western and fusion looks.
The Tanishq retail chain currently spreads across 282 exclusive boutiques in 174 cities.jewellery brands,recently
took the AR route to enhance customer experience. Th e brand has taken a step further in being more accessible to its customers by launching an ARexperience at the Bengaluru (domestic departure) and Delhi (T3 domestic) airports. Th e campaign spanned a duration of one month at both the airports.
Tanishq introduced MirrAR, an AR software platform – in collaboration with StyleDotMe, a start-up focused in innovative application of ARand Artifi cial Intelligence– for providing a next gen experience
trials and trying out a larger variety.
Sharing her thoughts on the recently concluded campaign, Deepika Tewari, Associate Vice President - Marketing, Jewellery Division at Titan Company Limited said, “Tanishq has always aimed at providing the best for our customers and this fascinating initiative was one such approach in achieving the objective. Consumers had the option of browsing through multiple jewellery pieces virtually with just one click. Th e real-time customer
Technology innovation_Tanishq.indd 28 18-Mar-19 12:31:28 PM
FOOD RETAIL
30 | IMAGES RETAIL | MARCH 2019
IKEA Restaurants: Have They Tasted Success In India?
IKEA’s restaurants worldwide contribute signi cantly to the brand’s revenue. It’s a sure shot way to lure customers in, especially in a country like India where food is an integral part of the culture…
– By Charu Lamba
THE FOOD RANGE COMPRISING OF VEGGIE BALLS, CHICKEN BALLS, SALMON, INDIAN DISHES, PASTRIES AND LOW-SUGAR DRINKS ALONG WITH COFFEE, HAS BEEN WELL RECEIVED FROM CONSUMERS.
– Henrik Österström
Swedish furniture major IKEA, which has recently opened its 400,000 sq. ft. debut outlet in
India, features a 1,000-seater restaurant, the brand’s largest in the over 400 stores it has globally. So, why does a furniture giant – and an immensely successful one at that – have restaurants? Th e idea behind off ering food options was that once you feed customers, they stay for longer.
IKEA’s restaurants worldwidecontribute signifi cantly to the brand’s revenue. It’s a sure shot way to lure customers in, especially in a country like India where food is an integral part of the culture.
IKEArestaurants worldwide are known for their meatballs – so much so that the meatball meal comprises of 20-25 percent of their total restaurant business. Th e business is so good that the brand is now working consciously towards introducing healthy foods, for instance, they have reduced the sugar content in their drinks.
Highlights of the menu straight from their Swedish cuisine include salmon, cinnamon buns, croissant, blueberry jam and cloudberry. For India, the furniture giant created a menu more customised to the Indian palate, replacing their signature traditional Swedish meatballs dish with chicken and vegetable balls.IKEA also
serves various local dishes like Hyderabadi Biryani, Dal Makhani and Indian breads to name a few for their Indian audience. Th e off erings suit all walletsizes for example, the vegetable biryani is priced at Rs 99, chicken meatballs at Rs 149 and veggie balls at Rs 129.
Talking about how the restaurant has fared in India over the past six months, Henrik Österström, Country Food Head, IKEA India says: “Th e food range comprising of veggie balls, chicken balls, salmon, Indian dishes, pastries and low-sugar drinks along with coff ee, has been well received from consumers.”
“Th e twists and tweaks that we make to the menu are necessary to make things
better in our operations and to run such a large outlet with 1,000 seats, it is necessary that we keep updating ourselves as per consumer demands. We have ensured that the food is aff ordable, of high quality and of good taste. We call it Swedish-feel Indian-appeal,” he states.
What’s New?Th e brand has recently added Indian curry to the menu and the response to the new dish has been tremendous, claims Österström, saying that they are planning to add a few paneer dishes along with expanding their kids range as well.
“To expand this type of restaurant, just expanding the food range won’t do, because that would slowdown operations. Th is means when we add something new to the
Food Retail_IKEA.indd 30 18-Mar-19 6:27:21 PM
COVER STORY
32 | IMAGES RETAIL | MARCH 2019
To a market strategist, East is undoubtedly an ideal location for the growth of the retail industry. Besides being the principal retail-and-services market to a vast hinterland, there are cities which can serve as a center of trade and commerce for the region. East’s proximity to Bangladesh, a country of 13 crore+ consumers, and to the South-East Asian markets, is another factor due to which the region is fast emerging as a vibrant business center…
– By IMAGES Retail Bureau
THE RISING EAST: The Booming Retail Market of Eastern India
East India, one of the most conservative markets of India till a decade ago, is breaking shackles across all retail platforms today. Despite being home to a very dense population, the Eastern part of the country missed several glorious years in becoming a major retail hub of India. However, with the turn of the new millennium, the market has been on a growth trajectory. Th e region is at the cusp of being transformed from a traditional customer base into a brand conscious,
product-savvy market. Its young generation is shopping and demanding both fashion and quality along with value for money spent from retailers. Analysts have attributed this upward swing to the evolving middle-class, rising disposable incomes and growing aspirations for improved living standards, especially among the Millennials. And retailers – big and small,
Cover Story_East.indd 32 18-Mar-19 3:54:06 PM
84 | IMAGES RETAIL | MARCH 2019
The foodservice industry, which makes up a major chunk of the Indian retail sector, is also innovating to stay ahead of the game. While technology gives it a leading edge, many restaurants have re-modelled themselves to include separate retail sections in a bid to attract more and more Millennials…
RETAIL IN RESTAURANTS: How Bright is the Future?
INNOVATION
– By Charu Lamba
The retail industry is expanding, quickly becoming the fastest growing industry in the world. Technological and in-store innovations to attract the evolving consumer are fast becoming the main disruptors of the industry. Th e foodservice industry, which
makes up a major chunk of the Indian retail sector, is also innovating to stay ahead of the game. While technology gives it a leading edge, many restaurants have re-modelled themselves to include separate retail sections in a bid to attract more and more Millennials.
Now, diners can explore more than just menus in restaurants that come complete with little shops attached to them. Th ey can take home the original taste of the dishes served at the restaurants in the form of sauces or other condiments. Th ey can also buy signature accessories that help defi ne the identity of a restaurant.
Collecting SouvenirsAccording to Rahul Singh, President, NRAI and Founder and CEO, Th e Beer Café: “We have introduced merchandise across categories such as gaming, gadgets, décor, glassware, personal and offi ce products. Christened
Innovation_Restaurants.indd 84 18-Mar-19 2:00:08 PM
CENTERSTAGE
90 | IMAGES RETAIL | MARCH 2019
FASHIONING A GREAT CONNECTION:Mapping India’s Success as a Fashion Destination & The Future Direction– By Abhishek Bansal, Executive Director, Paci c Group
India, as a growing hub for high-end fashion, is beginning to mark its own presence on the global stage. The domestic demand for textile and clothing is expected to cross US$141
million by the end of this decade. Many leading global fashion brands are now expanding their operations in the country to tap into this burgeoning market of fashion, apparel,
footwear, and clothing in the country with highly-personalised o erings…
Fashion, according to most dictionaries, is described as the latest style of clothing, hair, decoration, or behaviour. I feel it goes deeper than that. Fashion speaks to the core human desire to be a part of something larger, of belonging to a community. Th is is why global
fashion has maintained a steady growth over the last decade and a half, even in the face of several
large-scale market challenges that crippled many other industries; the sector was estimated to be worth upwards US$2.4 trillion in McKinsey’s 2017 Th e State of Fashion report, with the apparel and footwear market accounting for US$1.7 trillion. Th is is why fashion destinations like Paris, London, New York, and Milan continue to attract millions of customers from the world over, and why haute couture showcases like the Paris Fashion Week remain important events on the fashion calendars of fashionistas and celebrities.
India, as a growing hub for high-end fashion, is beginning to mark its own presence on the global stage. Th e domestic demand for textile and clothing is expected to cross US$141 million by the end of this decade. Many leading global fashion brands are now expanding their operations in the country to tap into this burgeoning market of fashion, apparel, footwear, and clothing in the country with highly-
Centrestage_Abhishek Bansal.indd 90 18-Mar-19 12:34:16 PM
EVENT | CURTAIN RAISER
98 | IMAGES RETAIL | MARCH 2019
IFF 2019:INNOVATETHE FUTUREOF FASHION
– IMAGES Business of Fashion
Slated to be held in Mumbai on 27th and 28th March 2019, at Renaissance Hotel, Powai, the fora aims to celebrate and honour developments and achievements in the eld of fashion retail in the last one year. The theme of this year’s IFF 2019 is ‘Innovate the Future of Fashion’…
Innovation in fashion retail, shifting buying behaviours, fast-moving fashion trends, and ever-growing global competition – these are some of the topics that will be discussed when the entire fashion fraternity, from manufacturers to retailers, meets at the 19th edition of the country’s largest fashion retail intelligence event, India Fashion Forum 2019.
Slated to be held in Mumbai on 27th and 28th March 2019, at Renaissance Hotel, Powai, the fora aims to celebrate and honour developments and achievements in the fi eld of fashion retail in the last one year. A global identity of the Indian fashion industry and a mega intelligence event on the supply side of fashion retail economics, IFF off ers an in-valuable platform for networking, infl uencing business ideas and exploring growth opportunities for fashion retailers in India.
As it does every year, this year too IFF will host a venerable gathering of the who’s who of the industry in the country. Prominent retail leaders are scheduled to attend the event and share notable insights on the current trends through various interactive sessions.
EVENT_IFF 2019 CURTAIN RAISER.indd 98 18-Mar-19 12:44:15 PM
WHAT’S HOT
102 | IMAGES RETAIL | MARCH 2019
The manufacturing facilities of the brand are designed to combine traditional skills and modern technology to serve a new era and evolving consumers…
– By Charu Lamba
Epic Group to Enter India, Revolutionise Garment Manufacturing Industry
Hong Kong-based garment manufacturing company, Epic Group is planning to enter India and set up its fi rst manufacturing unit in Ranchi spread across the minimum built-up area of around 20,000 sq. mt. to start with. Th e manufacturing unit in Ranchi is equivalent to
the smallest factory of the company in Bangladesh, the biggest manufacturing hub for the Epic Group.
“We will start with a target unit of about 4,000 people which is a gradual ramp-up to be achieved within the time frame of 24 months. Initially, we will start with an outlay of US$ 20 million in the form of capex,” says Ranjan Mahtani, Chairman and Owner, Epic Group.
Th e brand is planning to source 90 percent of its raw material from India, with Mahtani saying that they are already buying huge amounts of raw material from four - fi ve diff erent suppliers in India.
How India Has an EdgeTh e brand is confi dent about establishing its business in India as it believes the country has an edge over other nations.
“Compared to most of the countries we are in, India is more vertical as far as textiles are concerned, so that should add more speed into our business. We still need to decide on things like where fabric could be coming from – Ahmedabad or down South – and should we manufacture in India itself versus how it’s being done right now – transported to these foreign countries which are quiet far away,” says Mahtani.
Another reason, says Mahtani, that the company has decided to venture into India is the value addition the country has to off er fi rst in terms of embellishment and embroidery abilities. “Aside from this, one very important reason for venturing into India is its booming economy, which has Th ere is a lot of government support and a lot of maturity as far as fi nancial institutions and services are concerned. Th is is the positive environment that we are looking forward to working in,” he adds.
Also, with the way trends are changing and fashion is evolving, the brand is looking forward to working with diff erent skill-sets and believes that India will add to these skill-sets and create a more versatile supply chain model.
Whats Hot_Epic.indd 102 18-Mar-19 12:52:16 PM
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