Siddhi Vinayak Retailers

1. Introduction

This report is on Siddhi Vinayak Retailers. Based in Colaba Causeway, Mumbai, India, this store has gained humongous popularity since it opened in the year 2010. Colaba Causeway is one of the most loved and oldest markets of Mumbai. It is a small-scale fast fashion company, which saw a profitable start, and its popularity grew like a wild fire only by the mere means of word of mouth. The store specialises only in women’s fashion and has a single outlet. When asked about its success strategy, the store owner, Curie Tolia stated that she never had one. She believes it is pure luck that has led her store to become a popular and that the shop already being situated in the market area has given her an advantage.

However, the store has experienced around 35% of drop in sales since the year 2013. Ms Tolia has not yet figured out the reason as to why the store has seen such a steep fall in sales but suspects that her competitors have upped their strategies to attract as many customers as possible. She also believes that the sudden growth of huge malls and major brand flagship stores have also led the small scale owners like herself to face losses. The store owner therefore is in thoughts of re vamping the store in order to attract more customers and boost sales.

It is true that India’s retail scene has been going through a rapid makeover since the past few years. However, since the Foreign Direct Investment has been introduced in India in the year 2012, the variety available in the retail market is ever-growing. Indian people are no more limited to only small scale shops but they take luxury in visiting and buying from shopping malls and foreign brand retail stores.

Having personal experience in visiting and shopping ...

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...othersome lately. This is where Nimisha and I stepped in to analyse and evaluate the condition of this business. We figured that the store has a huge potential to grow provided proper measures are undertaken. We discovered that the USP of Siddhi Vinayak Retailers is the quality, type and design of the clothing they offer. This kind of clothing is rare to find in any other store of this scale since they import clothing from foreign countries, which are popular fashion destinations like Malaysia and Thailand. This factor gives them an edge over their competitors. Not many customers are aware of this factor because of no advertising. The key is to popularise this store by taking advantage of this factor and spreading the news around via the marketing strategies discussed above and by creating a new brand or re-branding the existing one to build a strong customer base.