The growth in the number of outlets in the India personal goods retailers market in 2012 was the same as in 2011 at 10%. This was faster than the 7% CAGR in the review period. The growth was driven by chained retailers increasing their number of outlets in order to increase their reach geographically in order to expand their target base. There were no openings or closures among leisure and personal goods specialists. However, Staples Inc split its partnership with Future Group in 2012 and the company increased its number of outlets to 10 in 2012 from 9 in 2011 under the global brand owner Staples. The split occurred due to the increased debt of Future Group which resulted in the company selling back its share in the company and ending the joint venture.
Outlets growth in 2012 increased by 10% in 2012; this was driven by jewellery and watch specialist retailers which witnessed growth of 11% to reach 123,178 outlets and pet shops and superstores which witnessed growth of 16%. Companies such as Fastrack, TBZ - The Original, The Time Factory and Swarovski aggressively increased their number of outlets among jewellery and watch specialist retailers.
Jewellery and watch specialist retailers had value growth of 22% which was higher than total leisure and personal goods specialist retailers. The primary factor driving this growth was the urban youth with high disposable incomes being attracted by lavish watches; they were targeted by brands like Fastrack by Titan Industries. The pricing strategy used by Fastrack was between mid to high, in the affordable range, in order to attract the younger consumer base. This was also seen in internet retailers such as Jabong.com, Myntra, Flipkart and more. Jewellery specialists focussed on increasing their sales by attracting consumers with diamonds instead of gold. In 2012, there was a shift in jewellery purchasing patterns among consumers in India. Wealthy Indians preferred to buy diamonds compared to gold or silver and this was exploited by jewellery retailers in 2012.
For more information on the India personal goods retailers market, please click here: India personal goods retailers market
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.