Speaking about the overall slowdown, the company's chief said: "The year 2019 has been a tough year in terms of the consumption but we are putting in best of the efforts in marketing, product profiling, technology and customer profiling to grab the best we can."
New Delhi-based fashion retail chain 1-India Family Mart is looking to achieve the milestone of opening 200 stores by 2022.
"We have recorded the fastest growth in the value retail segment and have completed 100 stores in a span of 6 years. Now we are planning to further expand our presence in tier-3 and 4 markets and we aim to complete the next 100 stores by 2022," JP Shukla, Chief Executive Officer and co-founder, 1-India Family Mart, told Moneycontrol.
For future expansion, Shukla said they are planning to expand rapidly in Odisha, West Bengal, and North East along with strengthening their presence in the existing markets.
Started in 2013 with the first store in Uttar Pradesh, 1-India Family Mart is operated by Nysaa Retail. The company launched its 100th store in Bihar last month.
What started with just 4 stores in its first year of establishment in Uttar Pradesh, is now spread across over 90 cities in eastern and northern India.
Currently, the company is planning to expand the business to newer territories where there is growth potential. They are also evaluating newer markets within the states.
Speaking about the overall slowdown, Shukla said: "The year 2019 has been a tough year in terms of the consumption but we are putting in best of the efforts in marketing, product profiling, technology and customer profiling to grab the best we can."
However, he said, with the initiatives that are being taken by the government towards liquidity, he is hoping for a good start in 2020.
Shukla said the Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players and India is the world’s fifth-largest global destination in the retail space.
Total consumption expenditure is expected to reach nearly US$ 3,600 billion by 2020 from $1,824 billion in 2017."With rapidly growing economy and higher GDP per capita, it can be assumed that Indian retail industry has started to change its gears, just like China did in the last 15 years," he said.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.