Titan to have 50 Fastrack stores

Titan Industries Ltd is planning to raise the number of its Fastrack stores to 50 from the present 10 by March 2010 and is looking out for properties in 35 cities including metros and non-metros.

Currently, almost 25-30% of Titan’s total watch revenue comes from the Fastrack brand. “Fastrack’s annual turnover is Rs 300 crore. It has become a cult brand,” Harish Bhat, chief operating officer, Titan Industries, told DNA.

Bhat said that the company has been taking a different approach towards retail expansion. “We are opening stores in the youth catchments such as near colleges and hang-out joints. We have tried this with the previous stores and this has helped the business in a big way,” he said. Titan recently opened its 10th Fastrack store in Thane.

The brand that started off with selling watches and eyewear recently extended the portfolio by venturing into accessories such as bags, wallets, backpacks, laptop bags, belts and wristbands. Titan is evaluating adding more categories under the brand.

The company is also in the process of starting selling Fastrack products online and will launch the e-commerce service in three months.

Analysts said that the pace with which the company has added newer products and the affordable price point factor have made the brand take a huge off-take among masses.

Apart from opening standalone stores, the brand would also have a smaller kiosk format for malls. It already has Fastrack counters at retail stores like Shoppers Stop, Westside, and Pantaloons.

Bhat said on an average each store breaks even within its first year. “In an established store like the one in Pune, we are seeing 50-70 footfalls each day, where conversion to sale is in the range of 50-55%,” he said.