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'The Loot' retail chain store bags four prestigious awards
07
Feb '09
Retail major and discount store format pioneer The Loot, is not just growing in size, but also in its reputation and recognition. Begun just 4 years ago, the Loot has grown to over 80 stores across the length and breadth of India, with over 200,000 footfalls a day and having over a million square feet of retail space under its roof.

Such success and scorching growth cannot go unnoticed for long! And true to the Indian spirit of entrepreneurship, the Loot recently bagged four highly prestigious awards for its exemplary entrepreneurship and pioneering effort.

The first award was the "Star Entrepreneur Award" at the International India Innovation Summit which was held on the 23rd and 24th of January 2009. The "Star Entrepreneur Award" is given to recognise and acknowledge extraordinary entrepreneurship effort. The Loot was selected the winner from hundreds of entries.

The second accolade was the Critics choice Award for "Pioneering efforts in retail concept creation" at the 9th Edition of the India Fashion Forum 2009.The Loot shared its glory with other prominent retail brands like Triumph (category up gradation), Central (retail concept creation), Manyavar (category creation) and Spykar (brand creation). Said a delighted and proud Jay Gupta, Managing Director, The Loot – "this is really special, for it comes from the Industry and our customers"!

The Critics Choice Award is conferred through shortlisting on the basis of 2,000 interviews of industry professionals in the business of textiles and fashion and fashion conscious shoppers across seven leading cities in India. The shortlisted entities are then evaluated on performance, service offering and many other factors by an eminent jury comprising of leading industry professionals.

Equally exuberant about the Star Entrepreneurship Award, Mr. Jay Gupta added – "The Loot was started at a time when the concept of Discount Stores was considered to be an anathema for the discerning Indian middle class consumer. We succeeded in not just changing the perception, but also in creating an entire industry of discount retailing, not just in apparels, but across different product categories"!

The third prestigious award that was awarded to The Loot was that of the YOUNG RETAIL ACHIEVER OF THE YEAR AWARD at the REID & TAYLOR AWARDS FOR RETAIL EXCELLENCE on 3rd February 2009. This award was presented to Mr Jay Gupta by the Global Jury.

To add to these awards, Mr Jay Gupta also won the "Star Youth achiever Award" for this good work and great contribution to the retail industry.

The Loot is a true-blue example of entrepreneurship. When it was started, it neither received any financial support from any funds, nor any supply support from the brands it sold nor did it get industry recognition. In fact, the format itself was considered a challenge to the emerging Branded and Luxury Retailing movement in India. To add to this, the consumer perception of the Discount Store format was negative with most consumers perceiving the products sold in such stores as being of inferior quality and spurious.


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