NewsVoir
Mumbai (Maharashtra) [India], August 27: Praxis Home Retail, which owns and operates, Home Town, a chain of home retail stores across various cities in the country has concluded a significant business optimisation exercise as part of its new maxim, "small is beautiful".
The goal of "small is beautiful" exercise was to realise the advantages of operating on a smaller scale, such as higher agility, improved customer experience and optimised store and warehousing networks, thus leading to profitability and value creation across the business.
"In order to realise our goal of "small is beautiful," we company focussed on logistics and warehouse optimisation, improved inventory management, and building a strong partnership with leading furniture manufacturers and suppliers in the country," explains Ashish Bhutda, Deputy Chief Executive Officer, Praxis Home Retail Limited.
In its new product sourcing model, the stores now operate as a marketplace for its suppliers to showcase and sell their products. This exercise is expected to reduce over 40-45% of the inventory cost for the company, as well as provide a much faster rotation of funds for the suppliers. The company has already onboarded leading manufacturers such as Space Wood Furnishers Private Limited, Furniture Kraft International Private Limited, ABM Wood Decor Private Limited, among a few others in this program.
The company has also optimised its store network, focussing on fewer markets wherein it can service a higher number of customers with faster delivery, tailored product mix and a more enjoyable shopping experience. With its new organisation design, the company has also reduced its head office overheads without compromising customer experience and service delivery at the stores.
The company is now focusing on data analytics to forecast demand more accurately, track performance, and make data-driven decisions. The "small is beautiful" initiative will also allow the company to take advantage of its smaller scale to quickly adapt to market changes, experiment with new ideas, and implement innovations without the bureaucratic hurdles that larger businesses might face.
With various initiatives like these, Praxis Home Retail is already witnessing green shoots and is confident that the company once again turning profitable as early as October 2024.
Home Town, launched in 2007, is among the most trusted brands in the home improvement space, operating large format retail stores across 19 cities in India and a popular ecomm site and mobile app. Some of the company's leading stores are located in Bhubaneswar, Nashik, Vishakapatnam, Guwahati, Chennai, Vijayawada, Patna, Lucknow, Raipur, Mumbai, Hyderabad, Nagpur, Siliguri, Kolkata, Ahmedabad, Pune and Aurangabad. HomeTown products are also available across leading online marketplaces. The retail chain is owned and operated by Praxis Home Retail Limited.
ShopOnline: www.hometown.in | Website: www.praxisretail.in.
Facebook: www.facebook.com/hometown.in | Instagram: @hometownindia.
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