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9, December 2006 Pragati Maidan, New Delhi.
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India’s retail revolution is set to open new vistas as several global dollar products business leaders have begun to eye the country’s market, scouting for master franchisees here Dollar products that are already being imported to India include branded food, healthcare products and glassware from the US, Europe, Thailand and Indonesia. These are bought at wholesale prices abroad, and then sold in India at Rs 99 a piece in what has come to be know as the dollar products business. As action spills over from the realms of high-street shopping malls and hyper- and supermarkets, retailing firms like Dollar General, Dollar King, 99 Cents and Family Dollar, leaders in the trillion-dollar industry in the US, are preparing to give shape to their India plans. These companies have sought the help of organisations like the Franchising Association of India to help them identify suitable franchisees for their businesses. Another company, My Dollar Store, which is an existing master franchisee in India for Dollar Store International of the US, is looking at expanding the number of stores in India from 42 to 100. Ajoy Krishnamurti, CEO, My Dollar Store, says that the company, which came to India in 2004, is now looking at tying up with retail majors to anchor its business in the country. The dollar industry in India is now in a nascent stage and is expected to grow at 30% annually. Says Shubhranshu Pani, president, retail services, TrammellCrow Megharaj, “India is a price-sensitive market. Customers will be delighted to buy international products for Rs 99. Hence, master franchisees for retailers abroad are bound to register high sales.”
Date: 12-Feb-2007
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