The Essar group has exited its electronic goods business, 'The Electronic Store', reports CNBC-TV18 quoting sources. It is learnt that 15 stores are likely to have been shut down across eight cities as the company is planning to focus on wholesale mobile distribution and telecom hardware products.
However, the company’s mobile retail business called 'Mobile Store' will continue to be operational, add sources. The company is currently studying consumer durable retail market. It has also closed unprofitable big box nighbourhood store format and will approach category with differentiated proposition.
According to sources, the company is looking committed to mobile handset retail business.
Essar has over 900 mobile retail outlets across 150 towns and have opened 50 franchisee stores in last few months. It is currently exploring e-commerce, corporate and institutional sales.