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Ranka Group's retail branded foray through PennyWise outlets

October 3, 2005 (India)

Bangalore-based leading property developer Ranka Group to roll out a chain of multi brand budget outlets at Hosur, Marathahalli Bangalore, October 3, 2005: Taking a deep dive into the retail wave that India is currently witnessing, the Ranka Group with interests in steel processing has announced its formal foray into retail. Branded “Pennywise”, the foray would entail setting up of branded budget outlets across the country over a period.

The first outlet spread over 5000 sft, is already functional on Hosur Road, the in place for such outlets, besides the other one in Marathahalli in Bangalore. “PennyWise” will stock and display multiple brands and its outlets are designed to evoke the feel and ambience of an upmarket retail chain.

For instance, each outlet will have a comfortable well-lit welcoming ambience, trained staff to render impeccable service besides the shop in shop concept for individual brands.

Another unique aspect of PennyWise would be that it would allow for exchange of unsatisfactory products, which is not a common practice among factory outlets. The outlet on Hosur road currently stocks Levis, Adidas, Indigo Nation, Dockers, United Colors of Benetton, Pepe, Scullers and Nike among other brands. The overall investment in the outlet and in the venture so far is Rs.20 million, which would be scaled up in line with the expansion of outlets in a phased manner.

According to Ashok Ranka, Director-Marketing, PennyWise is about moving multiple notches up from having a go down providing goods at discount to providing value and an upbeat shopping experience that a customer is familiar with, of an upmarket retail outlet. It is about differentiating in an increasingly cluttered and competitive marketplace and being able to lure quality consumers into the outlets.

Karnataka, India based Ranka Group is a diversified conglomerate with interests in steel processing among other businesses. The group recently won the Best service center award from Tata Steel and has recently set up an Rs.8 crores facility for steel processing at white filed, Bangalore.

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