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V-MART RETAIL LTD.

V-MART RETAIL LTD. Customer Service Orientation and Retail Creativity. Lalit Agarwal CMD V-Mart Retail Limited. V-MART RETAIL LTD. My Early C hildhood. Born in Kolkata in 1970 Joint family of more than 20 people living in less than 500 sq.ft . house

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V-MART RETAIL LTD.

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  1. V-MART RETAIL LTD. Customer Service Orientation and Retail Creativity • Lalit Agarwal • CMD • V-Mart Retail Limited

  2. V-MART RETAIL LTD. • My Early Childhood • Born in Kolkata in 1970 • Joint family of more than 20 people living in less than 500 sq.ft. house • 1975 father opened first retail store in Kolkata from the name of “ShreemanShreemati”- seeds of Entrepreneurship sown! • 1979 family shifted to Cuttack, Orissa • 1989 moved to Mumbai for further education

  3. V-MART RETAIL LTD. • My Entrepreneurial Projects • Setting up a printing and packaging unit called seals products • Along with graduation, the first idea of starting a business with a capital of INR 5 lacs • Printing business grew from INR 5 lacs to INR 2 crores turnover • 1999 moved to Kolkata to set up water theme park

  4. V-MART RETAIL LTD. • Our Retail Journey • 2000 - Innovating the first organized affordable value fashion store of India • 2001 - Chain of multiple retail stores across different cities and set up of a apparel manufacturing unit • 2002 - Moved to Delhi for further expansion • 2003 - Launch of first V-Mart stores in Ahmedabad • So far V-Mart has reached to 140 stores across 118 cities in 14 states and union territories, with total area of 11.85 lacs sq.ft

  5. V-MART RETAIL LTD. Indian Value Segment Customers • Target Market: Aspiring youth and young family living in small towns and cities • Target Income Group : INR 2-10 lacs per annum • Location: Main market or main road of the city or district head quarter • Population Density: City population > 1 lac and district population > 15 lakhs

  6. V-MART RETAIL LTD. • What does Creativity mean to us? Creativity is ‘the capability or act of conceiving something original or unusual’* Apart from this, for us Creativity is primarily Seeing and acting on opportunities Focusing on results rather than processes * Paul Sloan, Innovation Excellence

  7. V-MART RETAIL LTD. Customer service orientation – Retail creativity model* * ‘Social capital, customer service orientation and creativity in retail stores’ by Omar Merlo, Simon Bell, Bulent Menguc& Gregory Whitwell

  8. V-MART RETAIL LTD. • Shared Vision Our Company Vision statement is ‘Create Value and Make Our Ecosystem Proud’ Tap the aspirations of customers in Tier II, III cities and towns by – Catering to their growing fashion needs Providing them a good buying experience Keeping the costs low • Create Value to the customer

  9. V-MART RETAIL LTD. • Create Value Store Location First mover advantage - Create organized markets Keep the rentals low by entering into long term arrangements Cluster approach: Tapping the power of networks to tackle big folks! Tapping the untapped growth by keeping up with the fashion trends Article Master, based on the customer segmentation – Economic, Regular, Popular, Premium, Exclusive & Gold Our vendor community are our designers! • Create Value Merchandise

  10. V-MART RETAIL LTD. • Create Value Distribution Indigenously built distribution tool - Rule Engine, to cater to our business model Cluster approach, to keep the distribution costs low Tap the unorganized logistics market to keep costs low Choosing the right partner in the ever-evolving technology space! Intuitive so as to align with the resource base which is utilizing them – our ERP • Create Value Technology

  11. V-MART RETAIL LTD. • Create Value Finance Seeded the business through family capital Leveraged by borrowing from banks Brought in Private Equity Went to the Market to tap Retail Investors Capital scarce as ever! Mass communication with stores - Wooqer Visibility of the enterprise hardware – Zabbix Internal ticketing system – RT Walking the talk, starting from the top management! • Open Communication

  12. V-MART RETAIL LTD. • Trusting Culture Dysfunctions of a team & their repercussions* Status and Ego Low Standards Ambiguity Artificial Harmony Invulnerability * The five dysfunctions of a team by Patrick Lencioni

  13. V-MART RETAIL LTD. • Creativity as an Organizational Capability Empower people in decision making Keep the entrepreneurial spirit alive Do not hesitate to make experiments Once successful, take less time to implement HR is the only asset in our Balance Sheet! Always recognizing that the ‘Glass is only Half-Full’ Build Psychological capital in the organization to build resilience • Corporate Creativity Mantras “Price Less‟ Fashion”

  14. V-MART RETAIL LTD. • Creativity as a Personal Capability & Mantras Capabilities Peer catch-ups and team catch-ups Mind Map Micro vs Macro Picture: Micro becoming the Macro! Mantras Do More with Less Think and act flexibly Keep it Simple Always Follow Your Heart!

  15. V-MART RETAIL LTD. Thank You

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