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Delhi-based electronic retailer UniqueInfoways, on Thursday, opened the country’s first 24X7 electronic outlet — House of Technology or HOT, at Delhi’s Nehru Place metro station. “There is no option available for late night shoppers when it comes to gadgets. In metro cities like Delhi, there are all kinds of buyers. There are people who like to shop late or early morning as they normally don’t get time during the day,” said Vipul Jain, CEO, UniqueInfoways.
This is also the first electronic store at any metro station in Delhi.
The company also has plans to open 25 such stores over the next five years across the country. But, it would wait for at least 2-3 quarters for consumer acceptance before opening the second outlet. “We believe this format will work in cities with at least 50 lakh population,” said Jain.
The first HOT outlet, which is spread over 40,000 square feet, will house 100 brands and would have about 350 employees, working in three shifts to attend customers all day. Attendants will be provided by the brand owners.
Jain said the company targets revenue of Rs 250 crore during the first year from the outlet. “Margin in the industry is low at about 6-8%,” he added. It has so far spent about Rs 25 crore to set up the infrastructure and has plans to Rs 5 crore more in promotions during the year.
While most brands have liked the concept of the 24X7 shopping centre for gadgets and consumer electronics, nobody is upbeat about the viability. “This may attract good footfalls, but sales at odd hours would be very small; ticket items like cartridges, or pen drives or CD/DVDs. But, this surely could turn as a good experience centre,” said an executive of a top consumer electronic brand who was present at the store today.
