NEW STORE NATIONAL
PUNE, MAHARASHTRA, INDIA
By IFAB MEDIA - NEWS BUREAU - September 18, 2023 | 166 3 minutes read
The Souled Store, a beloved brand known for its unique blend of pop culture-inspired designs, exceptional quality, and unwavering commitment to customer satisfaction, has celebrated the grand openings of its 15th and 16th stores in Pune's Mall of the Millennium and Surat's VR Mall, respectively. These exciting milestones mark a significant expansion in the brand's offline retail presence, delighting customers in two vibrant cities.
Despite the challenges posed by traditional retail, The Souled Store remained steadfast in its belief in the loyalty and trust it had cultivated over a decade. The brand attributes its success to four fundamental principles: great designs, great quality, great customer service, and great value.
The Souled Store's offline retail journey has defied industry norms and set new benchmarks:
Operational Profitability: Unlike the industry standard of achieving operational profitability in 3-6 months, The Souled Store's physical outlets have achieved profitability from the very first month of operation.
Quick Capex Recovery: The brand's investment in store capital expenditure is recovered within an astonishing 2-3 months, while the industry norm typically spans 12-24 months.
Impressive Revenue: The Souled Store's stores boast an impressive monthly revenue of Rs. 5,000 per sq ft, a stark contrast to the apparel industry's average of Rs. 800-1200 per sq ft. The brand's performance is considered nothing short of phenomenal, with revenues ranging from Rs. 1,500-2,000 per sq ft being celebrated.
The Souled Store's remarkable achievements can be attributed to the hard work and dedication of its 500+ strong TSS family and the unwavering support of its loyal customers, affectionately known as "Souledsters."
The Souled Store has ambitious plans for the future, with another 10 stores in the pipeline, expanding its footprint to new cities. The brand is poised to hit a milestone of 100+ stores in the next 2-3 years, driven by the continued love and support of Souledsters across the country.