Future Grp offers discounts to beat slowdown, woo consumers

With footfalls getting more difficult to come by, retailers are stepping up discounts and freebies to attract customers. India's largest retailer, Future Group, may have said it's immune to the slowdown, but it's had to design new strategies to woo consumers.
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Dec 11, 2008, 10.39 AM | Source: CNBC-TV18

Future Grp offers discounts to beat slowdown, woo consumers

With footfalls getting more difficult to come by, retailers are stepping up discounts and freebies to attract customers. India's largest retailer, Future Group, may have said it's immune to the slowdown, but it's had to design new strategies to woo consumers.

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Future Grp offers discounts to beat slowdown, woo consumers

With footfalls getting more difficult to come by, retailers are stepping up discounts and freebies to attract customers. India's largest retailer, Future Group, may have said it's immune to the slowdown, but it's had to design new strategies to woo consumers.

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With footfalls getting more difficult to come by, retailers are stepping up discounts and freebies to attract customers. India's largest retailer, Future Group, may have said it's immune to the slowdown, but it's had to design new strategies to woo consumers. CNBC-TV18’s Nachiket Kelkar and Ashwin Mohan explain how these retailers plan out discounts and promotion packages to attract customers.

Discounts to beat slowdown:

 

Retailing giant Future Group seems to have managed to shrug off the economic slowdown so far. It reported robust same store sales growth of 25-30% across its various formats in October.

 

But the good times may be vanishing. After the Independence Day sales, the retailer went in for a "once in a life time" promotion after it opened the 100th big bazaar store. And now, it's come out with the great Indian shopping festival -- across its 1000 outlets, in over 60 cities.

 

Sanjeev Agarwal, CEO, Pantaloon, said, “This is the first attempt by the group to get all the group entities together into a single shopping programme and festival. We need to understand that continuous excitement is required in various formats and various stores to get more and more consumers to shops.”

 

Discounts galore!

 

The main attraction - discounts of over 50% across its various formats including electronics, furniture and apparel. This, on top of a new loyalty programme offering gifts and prizes worth over Rs 15 crore.

 

Sandip Tarkas, President-Customer Strategy, Future Group, said, “You will have to find different strategies to woo customers. Every one will have to work much harder to get customers into stores. So you will find lot more promotions happening as competition increases.

 

Discounts to beat slowdown

 

The group expects footfalls of about two crores, and a turnover of Rs 700 crore over the next 23 days. While this may seem a strong target, it's far more conservative than the Rs 300 crore it raked in over just five days from the Independence Day sale. Clearly, it looks like a slowing economy is keeping customers from reaching for their wallet.

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Future Grp offers discounts to beat slowdown, woo consumers

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