RPG group to open 12 Music World stores this year
BANGALORE: The RPG group plans to open around 10 to 12 new Music World outlets this year. A new leisure and entertainment format store under the brand �Mera World' was launched at Bangalore today.
RPG president of specialty retail business K Dasaratharaman revealed that about 15 Music World outlets had been shut down last year and about 10 to 12 new outlets opened during that period in different parts of the country. We expect each store to generate revenues of about Rs 1500 to Rs 2000 per square foot per month. If an outlet is not performing, we study the possibility of relocating it, before taking a decision to shut it down," he said.
The Mera World outlet in Bangalore is spread over 7,000 square feet. Dasaratharaman informed that the group plans to open around 10 Mera World outlets of similar size in major metros over the next 12-18 months and then take a call to go to smaller cities and towns Each outlet would cost about Rs 20 million to set up without accounting for the real estate or rent.
Initially brand building will be done through below the line activities and direct interactions. A Mera World bus will be used to ferry customers free of cost to the store. Outdoor, print ads and radio will be used to promote offers by and events at the store. Once the brand has a national footprint, mass media communications will be used.
During the first two to three years, around 10 per cent of revenues will be expended towards brand building, promotions and marketing.
Mera World outlets will hawk movies and music titles, books, eyewear, stationary, home improvement products, gifting items, glass figurines and curios, geometric art forms, photography accessories and a photo printing service. Depending upon the store location and customer demand, product lines and services will be fine tuned – including addition of new products/services
Depending upon the success of the Mera World brand, Dasaratharaman does not rule out the possibility of converting some of the Music World outlets to Mera World outlets or vice versa.
