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BE Exclusive: Lifestyle to add 10 stores by the end of FY 19; targets 15-16% biz growth

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Lifestyle, which is part of Dubai-based retail and hospitality conglomerate- The Landmark Group, is looking to add 10 stores by the end of this fiscal. “We are at about 77 stores right now and are looking to add 10 stores by the end of this fiscal. We’re also looking to grow our business by 15-16% this year at an overall basis,” Srinivas Rao, senior vice president, marketing- Lifestyle told ETBE.

In terms of marketing spends, investments on print followed by digital remain substantial wherein 35% of the overall marketing spends are allocated to print, followed by 20% on digital, 20% on OOH and the rest 25% on radio and other remaining mediums. “Print remains the main-stay closely followed by digital which has a large share. We also have an online store which demands a lot of digital investments,” Rao revealed.

On the top-line, Lifestyle spends anything between 2.5-3% of the overall marketing spends which includes both media and non-media. According to him, April-May which is the beginning of a new season for the brand, the marketing spends are in the region of 5-6% of their total sales. “The y-o-y growth on media spends is 15-18%,” he said.

Rao remarked that while South is the biggest market for the brand, North is also growing well followed by West and then East. “NCR region followed by Mumbai, Bangalore, Hyderabad, Chennai contribute to a large part of our sales,” he said. The brand is investing increasingly on things like proximity-marketing and omni-channel. “We are a physical store as much as an online store. The customer himself has become omni-channel. So with omni-channel, we ensure that we’re contextual and relevant when the customer is actually seeking information or when she is looking to shop,” Rao explained.

He added that the brand’s entire marketing is going to hinge on building this entire omni-channel promise as part of their overall brand positioning. As a part of the strategy, the brand is installing tablets and kiosks in Lifestyle stores to allow customers to browse through the entire catalogue of merchandise, sizes available across the stores among others. Apart from this, customers can also order online and pick it up at the store. Additionally if a size is not available, a customer can get it shipped from a near-by store.

According to Rao, the Lifestyle’s core business objective is around ensuring that entire customer fulfillment process is frictionless and as quick as possible. Moreover, as Lifestyle completes 20 years in the market, the brand plans to lure customers by running exciting offers, discounts and intends to keep up with reasonable and relevant pricing for its customers.

[“source=brandequity.economictimes.indiatimes.”]