Financial Daily from THE HINDU group of publications
Thursday, Sep 23, 2004
Financial Daily from THE HINDU group of publications Thursday, Sep 23, 2004 |
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Marketing
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Retailing TTK Prestige plans 100 retail outlets Our Bureau
Mr T.T. Jagannathan, Chairman & Managing Director, TTK Prestige Ltd, with Mr S. Ravichandran, Managing Director, at a press conference in Mumbai on Wednesday. — Shashi Ashiwal
Mumbai , Sept. 22 TO spruce up the shopping experience in a low involvement market like kitchenware, TTK Prestige, the kitchen appliance major, plans to set up 100 exclusive retail outlets by 2006, besides getting into new areas like Italian modular kitchen and adding value to its privilege clubs. "The strategy is to rekindle consumers interest in this category and we plan to achieve this by innovating on every element of the marketing mix. The retail initiative will also create distinctly superior brand experience for Prestige," Mr Chandu Kalro, Vice-President, Marketing, TTK Prestige, said while addressing newspersons here. TTK Smart Kitchen, the retail initiative of TTK Prestige, took off in June last year and currently has around 29 exclusive outlets across the country. TTK Prestige will launch three more on Thursday in Mumbai. The Rs 350-crore pressure cooker market is a low growth industry facing issues such as declining brand loyalty and there is an imperative need to innovate the existing product basket and entering new areas, Mr T.T. Jagannathan, Chairman, TTK Group, said. The company has also revved up its innovation strategy at both the product and retail level. At the product level, the company has introduced features like pressure indicators for its Prestige Delux range of pressure cookers, which indicate the pressure inside and the threshold time to open the cooker. It will soon foray into Italian modular kitchens. At a retail level, there have been considerable innovations in areas of visual displays at all exclusive outlets, which have kitchenware displayed on glass supports unlike most ingenious franchisees, who often keep these wares in boxes thereby further worsening shopping experience every time the consumer checks on various models, Mr Kalro said. "We introduced around 160 products in last three years, and 80 per cent of our sales came from products launched in these years," Mr Jagannathan added.
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