Viveks hits pause after six decades, hands over seven outlets to Vasanth & Co

CHENNAI: After six decades, iconic Chennai retail chain Viveks appears to be pressing the “pause” button, with seven of its outlets reportedly handed over to rival Vasanth & Co.

The chain, however, is retaining its owned premises at Purasawalkam, T Nagar, Velachery and Mylapore, according to a source familiar with the development.

“The deal with Vasanth & Co was clinched more than a fortnight ago,” the source said, adding that the landlord of Viveks’ Porur outlet has decided not to lease the premises to another brand for now.

The development comes months after Viveks marked its 61st anniversary. A LinkedIn post from four months ago described the celebrations as a “divine pooja”, attended by chairman and managing director BA Kodandarama Setty, joint managing director BA Srinivasaa and CEO BK Shankaranarayan.

Kodandarama Setty, along with his brothers Srinivasaa and BA Chandrashekara Setty, built Viveks into a household name, pioneering retail promotions such as the New Year sale that once drew serpentine queues to its stores. The

The latest developments, including social media chatter about a possible closure, have revived memories of a promoter dispute that surfaced in July 2010. The disagreement followed the elevation of one of the founding-family brothers as CEO. Industry sources believe the differences that emerged then have continued to weigh on the business.

“There have been strong disagreements between the three brothers for long. Moreover, multi-generation pulls are a reality,” said a retail veteran who did not wish to be identified.

Interestingly, Viveks’ biggest strength may lie outside its retail operations. The group is understood to own substantial land assets. Another industry veteran said the properties at Purasawalkam, T Nagar, Velachery and Mylapore command valuations well above prevailing market prices. Calling the Viveks episode a “sad one”, brand guru Harish Bijoor said: “Viveks has been a Chennai institution for six decades. A Chennai without Rathna Fan House, Viveks and Girias is not a Chennai we all knew.”

“I have seen long queues outside Viveks on December 31 and January 1. In the old days, if someone asked me where to go in Chennai for consumer durables, it would be either Viveks or Vasanth & Co,” he added.

Attempts to contact the promoters and CEO were unsuccessful.