Home Furnishings On A High

Retail – the next big thing is already here, with double income house holds and less time to spend, organized retail has nowhere to go but up.

Never have the organized retail of Home furnishing and Furniture looked so great in India. After food, clothing and shelter this is the buzzword for the shoppers. Infact, so good has been the market and sales projections that even export market doesn’t seem to be lucrative enough.

Not only have the major players been looking forward to this sector, even the new entrants have been looking into this as a serious big time main stay of business. So far almost all the major business houses of India and the International ones are making their presence felt and growing even as this piece of information is being written.

Companies like Wellspun, Home Store, Portico, etc have increased their retail space manifolds and their ambition is very high. A small brand like Shayan, introduced by Devtara Industries, has been doing well - a company, which, not so long ago, was looking for only exports as their market.

There have been multiple launches of products catering to different cross sections of people and consumers, for high end designer retail stores to low end high volume stores. A recently opened designer store in Emporio Mall has been reporting good sales and foot falls.

The Food and clothing market had big volumes already and the next focus is in Furniture, home accessories and furnishing. So good has been the sales in this area that the people who have already spent money are investing in areas like children rooms, study, and patio - going beyond the traditional drawing, bedroom area of the middle class families.

Comparative data shows that not only the retail space is growing every year but volumes of sales have grown up too, presumably in more geometric progressions then ever before.
There is demand for qualified professionals as designers, merchandisers, sourcing professionals and in IT and not to miss the real estate needs – like warehousing, production etc. of the retail industry in this segment of furniture and handicrafts to home furnishings.

For people not having spare time to hunt for different needs, organized retail in this sector is the best option. Infact, the high growth of sales in this area will now be witnessed in smaller cities rather than the metros where there are lots of players in the fray.
The high rate of inflation has not led to diminishing demand in this sector. On the contrary, the housing boom has contributed to a surge in demand. With salary increases and double income households, the lifestyle needs of the young and booming India the spirit seems to be soaring high. Even when some experts predict a not so bright future for the housing sector, the disposable incomes available will influence the customer to change the look of the house there by investing in furniture, home accessories and furnishings, further propelling the boom.

There has been no retail player who would want to ignore this section - be it a mass high volume retailer or the high end player who wants to sell exclusive designer stuff - there is room for everyone. The flurry of the designer brands coming to India are easily visible with new launches every second day.

This creates a win-win situation for everyone -the retailer and the consumer – who now have multiple choices to shop like never before. Inspite of the fact that interest rates have been rising steadily on consumer loans, consumer demand has not diminished mainly because disposable incomes have also been increasing correspondingly.

In such a growing market, if the companies manage efficiently, striving for continuous improvement, have an effective HR division, they are bound to succeed. There may be some not so friendly industrial policies from the govt. which could be politically motivated due to impending elections, but rising consumer confidence and good demand is here to stay and anyone who is missing the boom will regret it later.
        Article Submitted By:  Ankita Sood, Retail Trainer, Indian Retail School.