R ARIVANANTHAM
CHENNAI, AUG 4
IBO a leading omni-channel destination for home building and renovation on Wednesday opened its first flagship retail store in Old Mahabalipuram Road (OMR), in the midst of bustling real estate boom in Tamil Nadu. The store, the second in India, will cater to the Southern parts of Chennai.
- Opened its first outlet in the midst of booming real estate projects around Padur in OMR and expansion in other parts of Chennai and Tier-I and Tier-II cities are in the pipeline, says CEO-Retail M Venketeshwar Kumar
- IBO will establish a play area for children of the parents who are visiting the store based on the demand.
- In Bengaluru, we are seeing strong repeat buying behavior from our customers, in fact, many of them are also adapting seamlessly to our digital platform: Mayank Shivam, CEO – Ecommerce, IBO
Announcing the new store launch, CEO of IBO – Retail M Venkateshwar Kumar said, that aligned with their rapid expansion plans for the south market, this marks the brand’s second mega store in India. IBO launched their first store in Bengaluru in April, 2022 and has very good response.
“The store housing over 8,000 products and 175 brands offering a discount varies from 40 to 65 per cent to the customers. We are transparent in display the MRP as well as discounted prices of the products at the store spreading over 20,000 sqft store constructed on a 90,000 sqft land,” he added.
Replying to a question, Venkateshwar Kumar said that IBO will establish a play area for children of the parents who are visiting the store based on the demand.
He further said, a multi-category and multi-brand retailer, IBO will be offering a diverse range of home-building and home improvement products to the customers in Chennai. With the objective to become a one stop destination for home building/improvement requirements, the brand will be catering to the cohort of home-owners, home building professionals, interior decorators, architects and builders.
Besides passing on the discounts, further incentive from 2 to 5 percent discount will be offered to the customers based on the value of their purchase, he added.
IBO assures door delivery of the products purchased by the customers on the next day and will charge applicable transportation cost, Venkateshwar Kumar said.
He said, “We are delighted to announce IBO’s foray into Chennai. The home building material segment in Chennai has been growing by 10% and the pandemic has also brought a paradigm shift in customer expectations and buying patterns. There is an influx of new home buyers as well as an increased sentiment of existing home owners to improve their homes. All of this has contributed to the surge in the demand for home building, home improvement and home interiors products. We are excited to cater to the requirements of our consumer base in Chennai and capture a significant percentage of the organized market in the city.”
In a statement released to the media, IBO’s omni-channel experience, Mayank Shivam, CEO – Ecommerce, IBO said, “At IBO, we strongly believe in creating a true omni-channel experience for our consumers, offering them a diverse product portfolio at the most transparent and competitive price points. The synergy between our offline physical stores and our ecommerce platform is a testament to this. In Bengaluru, we are seeing strong repeat buying behavior from our customers, in fact, many of them are also adapting seamlessly to our digital platform. We are expecting similar trends in Chennai as well.”
Vivek Jothimani, General Manager, Store Operations was also present during the media briefing.
