Canon India announced its confidence in bullish retail expansion plans for India, with the opening of its iconic 100th Canon Image Square (CIS) in Bengaluru. Following Canon's successful footprint in the retail domain in Bengaluru; this is the 8th exclusive CIS outlet in the technology capital of India.
The brand has developed robust plans including aggressive marketing strategy, new product launches, attractive pricing and retail expansion, with an aim to achieve an overall target of 25% market share in digital compacts and 45% in D-SLR during April - June 2013. All this will help the company to reach revenues of Rs 2,125 crore by the end of 2013 from Rs 1,850 crore in 2012 which is 15% growth.
Speaking on the launch Dr Alok Bharadwaj, executive VP, Canon India said, "This exclusive CIS launch is a part of our constant efforts to provide our customers with an interactive and informative buying experience. Looking at the tremendous midterm opportunities in the next 3 years in India, we are expanding our retail footprint. Canon Image Square revenues are expected to be Rs 172 crore in 2013 which is a growth of 25% over 2012. The biggest payoff is a 34% higher average selling price for compacts and 21% higher in Digital SLR."
Enabling enhanced excitement, engagement, education and experiential purchase which we call as 4E's essence, the 100th CIS store in Bengaluru is built on the promise of providing international standard experience to the customers. It is strategically located at the corner of Brigade Road and MG Road.
Elaborating on CIS experiences, he explained "We are now present in 50 towns with 100 stores. Investing heavily in retail expansion, Canon plans to open 50 more Canon Image Square stores in 2013 to touch 150 stores spread in 70 towns. It announced plans to take stores tally in Karnataka from 10 to 16 by December 2013 covering the cities of Hubli, Belgaum, Bellary and Udipi. Currently, Canon has stores in Bengaluru, Mysore and Mangalore." Dr Bharadwaj added.