BWI: Canon Forays in Retail Domain with ‘Canon Image Square’

Press release from Business Wire India
Source: Canon
Friday, October 29, 2010 03:40 PM IST (10:10 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Business services, Information technology, Media & entertainment, Retailers; Technology
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Canon Forays in Retail Domain with 'Canon Image Square'


Noida, Uttar Pradesh, India, Friday, October 29, 2010 -- (Business Wire India) -- . Sets up exclusive specialty brand store for consumer digital imaging range
. Plans 300 stores across 150 cities in 3 years
. Bases new approach on exclusive franchisee model
. Announces a new division called the Brand Retail Business division

Canon India Pvt. Limited, India's No 1. Complete Digital Imaging Company today announced its foray into the retail space with the launch of its exclusive brand retail store called "Canon Image Square". The first store in the country, located in The Great India Place Mall, Noida, NCR region of New Delhi was inaugurated by ace cricketer and Canon Brand Ambassador, Sachin Tendulkar. The retail store covers an area of approximately 1450 sq. ft. and is based on the franchise model. It is a one stop destination for people with imaging needs, enabling increased visibility and reach across the country with an objective to boost sales.

Canon, in India, plans to inaugurate five such stores by December 2010, followed by 95 retail stores in 2011, 100 in the year 2012 and another 100 stores in 2013 taking the count to 300 stores in the next 3 years. The first year would see the launch of three stores in Delhi-NCR followed by one store in Nasik and one store in Bangalore. The company plans to establish about 100 stores across 6 metro cities and 200 stores in 150 Tier II and III cities, eventually. With this plan, Canon India would deepen foothold in 150 cities in the coming three years. The stores enforces Canon's increased focus on penetration across the country including major metros and tier II & tier III markets to enhance the brand awareness and increase sales. The area covered by each outlet would vary from a minimum of 800 sq. ft to a maximum of 1300 sq. ft.

Speaking on the occasion Mr. Kensaku Konishi, President & CEO, Canon India said, "The customer of today is well informed and educated, and we are constantly evolving at providing them with the correct choices by understanding their needs. The Indian customer is demanding better products, higher lifestyle quotient, good quality selling interface and state-of-art after sales service of international standards. The store will offer solutions for customers seeking high end photography and printing solutions where both click and print products from Canon will be available. The first retail store launched today, aims at providing our customers with a one-stop shop for their digital needs that will result in satisfied and stronger customer base, thus helping our business substantially. We have had record growth of 50% in 2010 and expect to close the year at Rs. 1260 cr. In three years, the new Brand Retail Business Division will contribute 20% of our revenues."

Understanding the evolving consumer needs, Canon India has introduced a new division called the Brand Retail Business division. The division would be responsible for creating a network of franchisees and to maintain harmonious, consistent and contemporary look and feel in all stores. At present, the division has about 12 people. The retail outlets would have trained personnel to facilitate the buying experience of every customer. The stores would have a point of sales IT system in place to capture all data on sales.

The outlet, a unique concept by Canon, showcases a wide range of consumer products that includes cameras, camcorders, photo printers, D-SLR's and lenses, inkjet printers, entry level laser printers, consumables and accessories. Each store has over 80 SKU's on display. The wide display of products allows the customer to enjoy a rich technological experience with an environment to make a purchase. A customer can touch, feel and understand all about a product and then make an informed purchase.

Speaking on the occasion Mr. Alok Bharadwaj, Senior Vice President, Canon India said, "It is a moment of pride for us at Canon to launch our first store designed on international appeal called 'Canon Image Square'. The store would not only help us boost sales but also enable us to educate the masses about Canon's revolutionary technologies. This is a unique concept that would help Brand Canon enjoy greater visibility and get closer to our customers, at large. From the stores exclusively, the company is expecting revenues of Rs 100 crore in the first year, followed by revenues of Rs 300 crore in the second year and a revenue of Rs 600 crore in the third year. "

"The company is planning to make an investment of about Rs 50 lakh per store and an investment of Rs 150 crore in the next three years towards the remaining stores. The company expects estimated revenues of Rs 30 lakh, per store, every month from Canon retail stores," he further added.

Speaking on the occasion Indian batting maestro Sachin Tendulkar said, "Brand Canon is synonymous with reliability, durability and commitment. With the launch of the store today, I am confident that the brand will move closer to the people of the country as these stores will not only sell Canon products but will also educate all customers about the wide range of Canon products. Canon has brought fun to my own life and there is no vacation without my Canon. In fact, these days I am planning to graduate to use the D-SLR and explore the magical world of photography."

Canon also announced during the conference that it has crossed the landmark of ` 1000 cr turnover today with 2 more months to go in 2010 and felicitated Master Blaster Sachin Tendulkar with an EOS 60D to signify the first product of the next ` 1000 cr lap in its chase for growth.

About Canon Inc

The parent company Canon Inc. is a global leader with total revenue of about US$ 34 billion in 2009, in photographic and digital imaging solutions. Its global network now includes 240 companies, employing some more than 170,000 people. It is dedicated to the advancement in technology and innovation and commits about 10% of its total revenue each year to R&D. Canon is consistently one of the top three companies to earn the most number of patents over the last 16 years. Canon is ranked 33rd on the Best Global Brands for the second consecutive year in Business Week's 100 Best Global Brands and amongst top 200 on the Fortune Global 500 in year 2009. As a Fortune Global 500 company, Canon is guided by its Kyosei philosophy that focuses on living and working together for the common good. For more information, please visit www.canon.co.in

Canon in India

Canon India closed H1 2010 revenues with 56% growth and is set to touch Rs 1260 Crores during calendar year 2010 which will be a 50% growth over 2009. Revenues in 2009 was Rs. 840 Crores, a 27% growth over 2008. Canon focuses on multiple market segments of consumer, B2B, Govt & Commercial.

Canon's product portfolio extends over a vast variety of photocopiers, multi-functional peripherals, fax-machines, printers, scanners, All-in-ones, digital cameras, camcorders and multi media projectors, cable id printers, semi conductors and card printers.

Canon India Pvt. Ltd. is a 100% subsidiary of Canon Singapore Pte. Ltd.,a world leader in imaging technologies. Set up in 1997, Canon India markets over 140 comprehensive range of sophisticated contemporary digital imaging. The company today has offices in 7 cities, warehouses in 13 cities across India and employs over 800 people. Canon has over 380 primary channel partners 13 National Retail Chain partners, over 4000 secondary retail points including 270 National Retail Chain store partners & 33 Canon Care Centers. Canon products are available in over 400 towns in India.


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KEYWORDS
CONSUMER, MARKETING, BUSINESS SERVICES, IT, MEDIA, RETAIL, TECHNOLOGY

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