Image Source: The Hindu
Viveks, a prominent name in Tamil Nadu’s consumer durables and retail sector, has shut its outlets across various centres, bringing a pause to a retail journey that began in Chennai in 1965, as reported in The Hindu.
The family, in an email response, said it had decided to pause all retail and e-commerce operations after careful consideration. It said there were no pending customer orders and that all employees had been paid in full.
The family maintained that the decision was a personal choice about the road ahead and was not a reflection on the business itself. It also expressed gratitude to customers and associates who had been associated with Viveks over the decades.
Viveks was founded by B. A. Lakshmi Narayana Setty. After his death, his brother B. A. Kodandaraman Setty took over the company.
Three sources in the retail industry attributed the closure to differences within the promoter family, though no further details were available.
A source associated with the family described the development as a pause rather than an end and expressed confidence that the brand would return in the future.
The source also said consumer durables retailer Vasanth & Co had taken over Viveks’ stores in Nanganallur, Selaiyur and Vadapalani. All three were reportedly rental properties. Vasanth & Co had also taken a warehouse measuring around 15,000 sq. ft. in Virugambakkam, the source said.
Viveks opened its first showroom near Sanskrit College in Mylapore in 1965. Its second branch was opened in Purasaiwalkam in 1969, followed by an outlet in T. Nagar in 1980.
The T. Nagar store became particularly popular because of its proximity to several other retail outlets and its wide range of international brands, according to P. Shanmugam, a Usman Road resident.
For generations of middle-class families, Viveks became more than a consumer durables retailer. Its outlets were a familiar part of Chennai’s shopping culture, particularly during festive seasons, when customers would queue up for offers, with some reportedly spending the night outside the T. Nagar outlet to be among the first to make their purchases.
The company was also known for introducing innovative retail and financing initiatives. In 1965, it introduced a hire-purchase scheme that allowed customers with limited means to purchase electrical appliances by making an initial payment of as little as ₹1 and repaying the balance over a period of time.
Following the response to the initiative, the company established Vivek Hire Purchase and Leasing Company Limited (VHPL), an NBFC, in 1991. The company was later acquired by AIG Group of the US.
For many long-time customers, Viveks was closely associated with significant family purchases. Shiva, an LIC agent, recalled that members of his family had been buying electronic goods from Viveks for around five decades and that the store had also been a destination for wedding-related purchases.
While the family has described the closure as a pause, long-time customers such as Shiva and Shanmugam remain hopeful that Viveks will eventually return to Chennai’s retail landscape.
Subscribe to our channels on WhatsApp, Telegram, Instagram and YouTube to get the best stories of the day delivered to you personally.
