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IT HAPPENED IN INDIA - a synopsis THE BOOK« In the form of a narrative About Kishore Biyani¶s philosophy and outlook towards life and how it brought a retail revolution in India HOW IT ALL STARTED « Came from a family of synthetic furnishing shopkeepers. According to him, three kinds of entrepreneurs: Creators, Preservers, Destroyers Successful stint with selling ³stonewash fabric´ Launched a brand of men¶s wear fabric WBB Spent few lakhs on advertising, hired an advertising agency to promote the brand. A shop to sell men¶s trousers (1985): Patloon Went on to develop Pantaloon Shoppe into a one-stop shop Introduced private labels like BARE, JOHN MILLER, Mr.BIG Identified 3 goals:
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Establish as a mega fashion brand Tie-up with an international brand and market it in India in a big way Get into retail chain business Introduced the new format ³Big Bazaar´ drawing inspirations from Saravana Stores The first three Big Bazaar stores opened within 22 days
Introduced Food Bazaar: keep back-ends simple and increase front-end Used star appeal for Pantaloons: reposition it at fashion destination 5. New format: Central
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Metamorphosis of department stores into developed markets Customer fatigue at the existing shopping malls in India Need to create destination malls in Indian cities
Few acquisitions strengthened the retail chain:
Indus League clothing (Scullers, Indigo Nation), Galaxy Entertainment, PlanetSports.
New subsidiary company Home Solutions Retail in 2005 In 2006, launch of Dept: book and music chain Format to cater to rural markets, ³KB¶s Wholesale Market´: as a rural hub and connect small manufacturers with small traders and retailers 6. 7. Future Capital Holdings: financial services and asset management company in 2006 Joint ventures international companies Institutionalize design-thinking: ³IDIOM´ ± design and consultancy firm in Bangalore FROM ³MAD´ TO ³MAVERICK´ Stated objective from day 1: ³Rewrite rules, Retain values´ Make quick decisions and execute them Obstacles essential to give the taste of achievement Until one questions the established way of doing things, one won¶t be able to come up with something new. The concept of ³Indian-ness´ has to be understood if one wants to attract the maximum number of customers. Changed shopper¶s attitude from dealing with ³fabrics´ to ³fashions´ ³Making finance the starting point of a decision-making process, stops businesses from taking many initiatives and ultimately slows down growth.´ The ideal people to fit the organization are those willing to go through the continuous process of learning, unlearning and relearning. ³We find the people first and then find the job´ Employee emotions: Paint employee¶s house on Diwali During 26th July Mumbai floods, Food Bazaar store employees stayed bac k and offered delivery of milk and food to their customers post-cessation of rains. KEY LEARNINGS Success in business is about relationships, staying positive and strong belief in the idea
Customers are always right Think in terms of the majority of people Brand-building should be taken as investments, which will give benefits over a long -term. Increase ticket-value: exchange programs for used, old items Retailing is about ³selling an idea´ Fashion is not about design, it is about the emotional connect Retail requires deep understanding of local tastes and preferences 10. Increasing footfalls is more important than increasing profit The job of the retailer is to create demand Most effective and measurable way to reach out to customers: media vehicle inside the s tore One has to dispassionately evaluate every business decision Passion is more important than fancy degrees to make the big idea happen Retailer should look at the future potential of a location ³HOW CAN WE GET AN EVEN LARGER SHARE OF OUR CUSTOMER¶S WALLETS?´