The founder and owner of the legendary Saravana Stores in T Nagar in Chennai, Yogaratnam, passed away on Thursday. Hundreds came out on the streets of Chennai to pay respects, with the shopping district of T. Nagar mourning his death en masse, says The New Indian Express. Annachi was 76 when he died.
Yogaratnam 'Annachi', as he was called by everyone, was the eldest of three brothers who founded their business with a small shop in 1969. Hailing from a small village in Tuticorin, it was Yogaratnam who started the shop in T Nagar.
Narrating their history, TNIE says that soon after he set up shop, his younger brother Selvaratnam too joined in. His second brother Rajaratnam joined the family business by the late 70s he too, and their business started flourishing.
Annachi was known to be a humble and down-to-earth person. Their business-model was to sell items at an affordable rate to a huge number of people. Saravana Stores was an enterprise based on the concept of economies of scale.
According to TNIE report, Saravana chain now has more than 60 stores and a revenue of more than Rs. 2,500 cr.
Corrections: Some language errors in the copy have been corrected.