Tanishq, the jewellery wing of Titan Industries Ltd., has found its move to open retail stores in tier 2 and tier 3 towns rewarding, compared with expanding in metros, said Vijesh Rajan, who heads the wing’s retail unit.
“The impact of Covid on businesses, overall, is slightly lower in tier 2 and tier 3 cities than in metros. The strategy to expand our business in these cities, taken earlier, is paying off very well,” told reporters.
He also said that despite the volatile swing in gold prices, consumers continued to invest in gold as it was a safe investment and this trend continued during the pandemic as well.
After inaugurating the 100th Tanishq store in the south and the tenth in the city, he said the company’s plans to open more stores in the current year had been tempered due to the pandemic.
“We will be opening 5-7 retail stores this year. The expansion is delayed a little bit. The expansion will be spread over 15 months, instead of the planned 12 months,” he said.
Mr. Rajan said the company was set to post ‘good results’ in the third quarter due to the festive season, but did not give an outlook for fourth-quarter sales.