Business Daily from THE HINDU group of publications
Wednesday, Jan 30, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Wednesday, Jan 30, 2008 ePaper | Mobile/PDA Version |
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Marketing
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Trends Money & Banking - Consumer Finance Easy loans from Future Money add to Home Town’s topline
The consumer finance facilities involve advising customers on their loan requirements and facilitating fast documentation and approvals.
Purvita Chatterjee Mumbai, Jan. 29 Instant and easy loans provided by Future Money have helped Home Town, Pantaloon Retail’s home improvement format (belonging to its subsidiary company Home Solutions Retail), to increase its turnover by almost 25 per cent. The recently launched consumer-finance division of Future Capital has set up facilities within the Home Town stores, making it easier for consumers to avail themselves of instant credit facilities for buying big ticket items such as furniture and home improvement products and services. Mr Mahesh Shah, CEO, Home Town said, “The presence of Future Money at our store has increased our sales turnover by 25 per cent. The average ticket size of our items is almost Rs 1 lakh and Future Money has facilitated our consumers with its hassle-free loans.” The consumer finance facilities under Future Money involve advising customers on their loan requirements and facilitating fast documentation and approvals.Added Mr Shah, “Today we have sales between 8-10 per cent generated from the loans given out by Future Money. The approvals are given within a 24 hour period making it easier for consumers to buy through these facilities.” Future ServicesMeanwhile, Home Town would also rope in the facilities provided by Future Services (the home services division of Pantaloon retail) going forward. “There is a possibility of Future Services becoming a part of Home Town as well,” said Mr Shah. Future Services is the new vertical for home services which ranges from providing laundry services to settling electricity bills. Future Services is expected to cater to the mass market with an “affordable” pricing strategy and would be drawing synergies from the Future Group’s existing retail business. With a sales turnover of Rs 1,500 crore, Home Town stores specialise in stocking furniture, furnishings, home improvement services and consumer electronics. Recently it has entered into excusive deals with the Denmark-based ready-to-assemble furniture brand — Tvilum Scanbirk and the modular-kitchen brand of Aran Cucini. “We have tied up with some of the best brands in Europe and the US,” said Mr Shah. Marking an investment of Rs 80 crore, Home Town stores will now be taking its format to four new cities including Mumbai and its plans to open its first store in Thane. “We have earmarked an investment of Rs 20 crore per store and will be generating the funds through internal accruals,” he said. Currently, Home Town stores are present in Noida, Ahmedabad, Hyderabad, Bangalore and Pune. More Stories on : Trends | Consumer Finance
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