7 ways of Maintaining a Centurion Brand

Milan Dalal

Asim Dalal

(This article first appeared in the DNA on Dec 1st 2014)

7 ways of Maintaining a Centurion Brand

• Milan Dalal and Asim Dalal, the head honchos of the Bombay Store, in their interview with the DNA have shared their experience of managing a centurion brand

• The108-year-old brand has been through ups and downs, relevant to changing consumers and trends

• Subsequent slides discuss the seven ways in which a Centurion Brand not only be kept relevant, but also stay on top of prevailing consumer interests and style trends

1. Keep up with Trends

Change the format regularly

Watch competition

Embrace new technologies

Refresh the way the brand delivers on service without compromising on core values.

2. Continuously Innovate

Ensure the customer is surprised every time

he walks into your space

Energise you

r product lines

Refresh your

offerings

Displays, merchandise and being relevant to customer is important. 

3. Mix Old with the New

• A known face, a known line mixed with young blood on the floor and eclectic products helps keeps the balance and address all types of customers. Read data and ensure your classic lines stay – so customers know that they can rely on you. 

4. Find Reasons to Bring Your Customer Back

• Increase promotions, events, loyalty programmes

• Know customers through increasing feedback gathering mechanism

5. Go to your customer

Ensure your store is near where your customer is now shopping

Make it easy to choose your brand -- be it airport, malls, high street or more

Choose vantage locations for your store

6. Stay true to your values

• Give importance to value based business

• At Bombay Store the value is still the same as it was 108 years before – ‘Made in India’

7. Give back

A brand should support quality and fair price

It has to stand for its product partners and artisans who are involved in product making

About Bombay Store

• The Bombay Store is one of the oldest and most recognized popular shopping destination for lifestyle products that are a perfect blend of contemporary and traditional techniques and art forms.

• The broad categories that The Bombay Store offers are: Artefacts, Home Décor, Fashion Accessories and Wellness.

Milan Dalal

• Chairman of the Dalal group of companies

• Chairman of Bombay Swadeshi Stores Ltd. since July 28, 2006

• Elder son of Bhupendra Dalal who is the founder of the Dalal group

• Holds a degree of Bachelor of Commerce from the University of Mumbai

• Has been instrumental in changing the system of active reporting in the company to make it transparent and effective

Asim Dalal

• Managing Director of Bombay Stores since April, 1994

• Joined Bombay Stores as Director in October, 1991

• Graduate from the Sydenham College, Mumbai. Diploma in Financial Management from the London University and attended the summer school at the London school of Economics ( LSE )

• Responsibilities include expansion, business development and financial planning

• Responsible in raising funds for expansion from an angel investor group in 2007/8