Chennai based optical retail chain “Specsmakers” announced their plans to expand via the franchise model during the current FY 21-22. The company already operated 250+ stores across 33 Indian cities and is the largest branded optical wear retail chain in the country which is currently witnessing a huge spurt in this segment.
For an investment of Rs. 20 Lakhs, the company proposes a return of over 200% with an average payback period of 3 years. The size requirement for the proposed store location is 500 sft with a 15 feet frontage. The company had recently roped in ace sportsman and Chess GrandMaster Mr. Vishwanathan Anand as its face of the Brand. The company has a “14-Day return policy without any questions” similar to what is followed in many countries worldwide. This, along with their affordable pricing has made the brand highly endeared and preferred among the customers in the markets they operate.
There are an estimated 30,000+ optical retail stores across the country and most of them, atleast 95% or so, are family run and less than 2% of them have chain stores beyond 5 outlets each. Lenskart is another chain, based in Gurgaon, which competes along with Specsmakers at a national level and both brands have an immersive omni-channel approach where users can try out various frames online using Artificial Intelligence and Virtual Reality. Titan Eye Plus from the Tata Group, while also selling trendy eyewear and casual specs and goggles, has a deep focus on prescription spectacles, similar to Lenskart and Specsmakers.
The market for prescription lens is certainly the most ripe right now as more people are glued to their laptops and computers most of the day on work, leisure as well as students who attend school and college education online. On the flipside, coolers and goggles as a segment have taken a huge beating since most people do not travel as much as before on work, leisure, holidays, etc.