MUMBAI: The RPG group’s music retail store, Music World is on an expanding spree and plans to introduce more â€?shop in shop’ outlets other than own retail stores.
Radioandmusic.com had reported last year that the RPG group plans to invest Rs 600 million over the next two years for the chain of stores. As part of the plans, the company was planning to roll out 30-40 stores. But global slowdown played spoiler, and the company is now looking ahead to launch more â€?shop in shop’ outlets with the economy turning the corner.
Revealing Music World’s expansion plans, Music World president speciality retail business division K Dasaratharaman elaborates, As the consumer dynamics changed during recession, we had to shut down a few stores because of non-profitability. But now that the market seemed to be stabilizing, we are evaluating a growth model and plan to go ahead with 60 own retail stores over a year and 70-80 touch point â€?shop in shop’ outlets in the next six months….
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Being cautious about spending money in the market, Music World would be stretching the 600 million over a longer period. Having introduced apple products in its store, the retail outlet has experimented with â€?adjacent category’ including leisure and digital products in the past year.
Talking about the key focus area of Music World for the coming year, he adds, Introducing our retail outlets in existing retail stores guarantees us footfalls and the risk is limited. Also, we would be concentrating on launching more adjacent categories to attract diverse target audiences. Lastly, we would be exploring the digital space as digital is the way to go. As a music retail store, we are in talks with the music industry finding role to play in a physical hit market.
We are contemplating talks with content aggregators and Indian Music Industry (IMI) to set up digital kiosks and other modes to explore music digitally….
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