Feasibility study for New Store

Assessing the potential of the area and understanding the attractiveness of new store.

Our Client: Client is a retail giant offering lifestyle product, supermarket and gold jewellery. Client is a strong player in Tamil Nadu, spreading their presence in Kerala and Karnataka. Client had their first store open in Bangalore in 2018 and second store in 2023. Apart from the regular lifestyle stores - Client has concept stores - "All under one roof" in TamilNadu. Client would like to open a new store in the similar concept in Bangalore. Given the different nature of the market, Client would like to assess the potential of the area and also likeability of the concept among the consumers

Challenge:Multi faceted culture of Bangalore residents is the key challenge for the client - A city which has a mix of traditional Bangalore consumers who prefer traditional stores, modern consumers who prefer malls, modern retail stores and a huge proportion of people who prefer buying online. Client is little concerned whether the concept "All under one roof" will work in a city like Bangalore. Additionally the proposed area is in the outer part of the city - another of Client's major concern was - "will the area get more footfalls and attract more consumers to the shop"

Objectives:Client would like to have detailed understanding of the area - kind of area/ profile of people living there - demographics and complete understanding of the competitiors & shopping areas in the catchment area . In addition, client would like to understand the appeal of the concept among the consumers

Methodology:We proposed doing two step research process. Complete scan of the area and people living there using GapMap tool and comfirmed via physical visits. Additionally face to face interviews among consumers were conducted to understand their lifestyle & shopping habits. Appeal of the concept among the consumers.

Key Results & benefits :The study report has a complete understanding of the area - population spread in the area & their demographics & affluence level. We studied the all 3 types of market areas - local/ hawkers market, traditional stores - Specific to clothing & jewellery & modern retail outlets. GapMap provides the concentraion of modern retail stores in the catchment area -kind of stores in the area and count of them. It also gave complete details of footfalls-how long are the people travelling to come shopping to that area and time of visits. Consumer interviews were throwing light on their shopping habits, likes & problems they face while visiting malls. Has had a broad idea on levels of awareness and visits to Pothys and competition stores in Bangalore. The study also showed huge potential for store "All under one roof" and high willingness from consumers to visit.

Impact: The research helped the client in reassuring their decision of property and the concept of the new store - "All under one roof".