Why does T.Nagar market in Chennai attract footfalls of 5 lakh every weekday? Why does during festivals T.Nagar is thronged by the shoppers that count to anything around 10 million? The session “Demystifying the Magic Mile” at RLS 2013 upholds the answers to this. Moderated by K. Radhakrishnan, president, Future Fresh Foods Ltd, the session has the eminent speakers, BA Srinivasa, joint md & ceo, Viveks Ltd; and P Subramaniam, consultant RMKV. Today, T.Nagar or Thyagaraya Nagar has 185 plus textile/garment stores and over 65 jewelry stores besides the numerous small stores and road side eateries. Strategically located, close to airport and the railway station, the market that covers a radius of 1 km is ever increasing. It happens so since the customers love to come to this place to shop. This defines the trust factor that the customers have bestowed on T.Nagar marketplace, viewed Radhakrishnan. The business generated by this popular high street is about Rs 15,000 crore every year, wherein jewelry accounts for about Rs 10,000 crore. Subramaniam commented that despite high competition T.Nagar is characterized by high demands and a retailer with differentiating factors can leverage on the same successfully. Srinivasa admited that Viveks in T.Nagar is today the leading outlet of its entire retail chain in terms of profit generation, and conforming to high footfalls, the store stocks high volume of SKUs.
The panelists observed that the most sold product categories in T.Nagar are jewelry, silk sarees and electronics. All the categories are high ticket items and always attract mature customers than youngsters. However, the market is evolving with the involvement of young minds in the business that will eventually lead to better customer management and more organized structure.
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