Toys ‘R’ Us, having recently commenced operations in India, anticipates that the Indian market will rank among its top five within the next four to five years.
“The Indian economy is more dynamic than many others. Our experience with toys is that globally there are very strong markets and Toys ‘R’ Us as a brand works in all geographies,” explained Stanley Silverstein, Chief Commercial Officer at WHP Global, during an interview.
The global toy retail chain, owned by WHP Global, has established partnerships with Ace Turtle and Flipkart in India.
“I believe that the India business will be among the top five for Toys ‘R’ Us globally in four to five years,” said Nitin Chhabra, chief executive officer, Ace Turtle.
According to Silverstein, the toy retail chain based in the US operates successfully in diverse geographical settings, and the key lies in selecting the appropriate partner.
“We are satisfied and happy about our relationship with Ace Turtle and Flipkart,” he said.
Chhabra mentioned that owing to the recent regulations set by the Bureau of Indian Standards (BIS), the retailer is increasingly sourcing the majority of its toys from India, given that even high-end toys are now being manufactured within the country.
Prior to the BIS norms, India relied heavily on importing such toys from China.
“The government’s ‘Make in India’ initiative seems to be coming in full swing with people setting up manufacturing facilities, and I think we should get there in the next year or so by having even high-end toys manufactured here,” Chhabra said.
At present, Toys ‘R’ Us operates two stores in the country. Recently, the flagship, spanning 12,000 square feet, was inaugurated in Mumbai as its second store. Chhabra mentioned a three-year plan to open an additional 75 stores across the country.
“We have signed up about 12 more locations to open more stores across the country.”
Most of the toy retail chain’s stores will typically fall within the size range of 8,000 to 10,000 square feet.
