Future Group CEO Kishore Biyani said the company aims to open 10,000 Easyday department stores by 2022.
Future Group, India’s biggest retailer, plans to launch a new digital model it calls Retail 3.0 which will blend technology with brick and mortar retail. The new avatar will be called Tathastu.
These retail stores will enable online shopping for consumers.
“It is a model called Tathastu . This will help you get anything you want at our Easyday (department) stores,” said Kishore Biyani Founder and CEO, Future Group.
The company aims to open 10,000 such stores by 2022. Initially, the company will start off with 1,100 stores in FY18, Biyani said.
Biyani’s plan is to explore technologies that will last for the next three decades.
“The new digital world is something which we want to be a part of. We will be taking the help of Google Inc to look at property sourcing only through technology. We want to be trillion dollar consumer business in India by 2047,” Biyani said.
Giving a few statistics, Biyani said 98 percent of retail in India takes place in physical stores.
Future Group will be opening retail stores every 2 km which will offer discounts to those living in that radius, where consumers can become a member of the store.
Biyani added that each brick and mortar store would have 2,000 members.
Biyani further added that in terms of using technology, artificial intelligence will be one of the focus areas for Future Group. Going forward when the technology matures, it will also be used to bring in personalisation for customers.
Biyani also mentioned that e-commerce has proven to be expensive for the company.“We got into e-commerce the same time as Flipkart. Futurebazaar wasn’t successful, we had to close down. Getting into e-commerce, we realised that it was very expensive in terms of doing business,” said Kishore Biyani.