Urban Ladder, the popular online furniture retailer, has announced plans to expand its offline presence by doubling its store count to 20 by March 2024. The Bangalore-based company has already established 10 brick-and-mortar stores in India since its first offline store launch in 2017. With this move, Urban Ladder is seeking to tap into the growing demand for furniture and home decor in India and cater to customers who prefer a physical shopping experience.
The company has earmarked an investment of around INR 25-30 crore for this expansion, which will be financed through internal accruals. Urban Ladder’s offline stores are designed to showcase its wide range of products, and customers can browse, touch, and feel the furniture before making a purchase. The company’s omnichannel strategy aims to provide customers with a seamless experience across its online and offline channels.
Urban Ladder’s CEO, Nitin Parasrampuria, said that the company’s offline stores have been performing well and that the expansion is part of its long-term growth plan. He added that the company will continue to invest in both its online and offline channels to offer customers a comprehensive shopping experience.
The Indian furniture market is estimated to be worth around $32 billion, and is projected to grow at a CAGR of 12.91% during 2021-2026. With rising disposable incomes, changing lifestyles, and growing urbanization, the demand for furniture and home decor products has been steadily increasing in India. Urban Ladder, which was acquired by Reliance Retail in November 2020, is well-positioned to capitalize on this trend.
In conclusion, Urban Ladder’s decision to expand its offline presence is a strategic move that aligns with the growing demand for furniture and home decor in India. With its omnichannel strategy and focus on providing a seamless shopping experience, the company is well-positioned to capture a significant share of the Indian furniture market.
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