The size of India’s furniture market is estimated at Rs 1.3 lakh crore, of which the organised sector accounts for Rs 8,000 crore. With 970 stores across the country, Godrej Interio claims a market share of 30% within the orgainsed sector, making it the market leader. In Gujarat, however, the company’s share is much less, something it is trying hard to remedy.
“Our market share in Gujarat is 12%, which we aim to expand to 25% in the next three years,” says Dev Sarkar, senior vice president, Godrej Interio. “We have found that consumers in Gujarat are extremely value conscious. High-end customers have the budget, but they want to be sure they are getting value for their money. Our furniture for this market is designed keeping this in mind. We now have a dedicated collection tailored to the needs of cost-conscious customers.”
Dr Sarkar, who is in Ahmedabad to inaugurate Godrej Interio’s new showroom in Shela, presents some interesting insights from a recent research study commissioned by Godrej. For one, 76% of the respondents in the study said that their home furniture reflects their identity and is a measure of their success. 58% of the 2,822 respondents said they are sentimental about their old furniture, especially the first pieces they bought. Godrej Interio is tailoring its strategy accordingly. “Our focus is the young, upcoming consumer segment. Our designers and our marketing team are young and they know the preferences of this target segment.” Says Dr Sarkar.
Godrej Interio is a division of Godrej & Boyce, which began making steel almirahs over 100 years ago. Its current range of home furniture is factory-made and modular, which means it can be customised to fit. “Machine made furniture has many advantages over furniture made by the carpenter,” says Sarkar. “For example, we have an expensive machine for polyurethane coating, something a carpenter cannot afford.”
Godrej Interio currently has 72 showrooms in Gujarat. The two-storeyed 5,000 sq feet store in Shela is the company’s 15th retail outlet in Ahmedabad. The store is in the Shivalik Park building complex and is owned by Shivalik Furniture. Dushyant Vyas, the manager of the store, says he has already logged sales of Rs 1.2 lakh since the soft launch a week ago. “We are well-located,” he says. “This area has many new buildings and new people are moving in all the time.”
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