Himadri Buch Moneycontrol News
Future Retail has set its expansion plans for the next few years and plans to increase its network of Easyday outlets and take the small format stores to 10,000, according to Rakesh Biyani, Joint Managing Director, Future Retail.
Initially, the company expects to open 250-300 Easyday stores in the next couple of years.
“We want to expand our small format stores and we want to open 250-300 Easyday stores initially and eventually we intend to open 10,000 small format stores,” said Biyani.
“Potential is quite large in the small format store and we want to capitalise it,” he added.
Currently, Future Retail has 666 small format stores including Easyday and Heritage Fresh.
He was talking on the sidelines of a two-day Retail-Technology Conclave held in Mumbai.
Generally, Easyday stores are in the range of 2,500 sq ft.
Biyani also said that the company is continuously looking at making supply chain seamless and planning to make significant investment in this space.
He also emphasized on seamless adoption of technology within the company is still a challenge in India.
Biyani said that online retail penetration in India is very low compared to developed economies across the world.
He also said western practices can be chosen selectively by Indian retailers. To avoid large queues at the billing counters there is a need to install smart check out systems.
Speaking about the performance of Future Retail, Biyani said: “Quarter by quarter numbers are likely to be different because of shift in lunar calendar. Lunar calendar pushes all the festivals by almost a month. We will be expanding the number of stores of FBB and Big Bazaar.”
By purchasing 100 percent stake in Hypercity Retail from Shoppers Stop in mid-FY18, Future Retail managed to integrate the former’s operations with its own Big Bazaar brand.
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