Indian retail company Future Group is planning to expand its store network with the opening of around 10,000 small stores across the country.
The move by the retailer is part of its growth strategy to increase its revenues to around $8.85bn. It generates $736m in revenues, reported Economic Times.
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The company currently operates around 1,700 stores, including small and large outlets, and this expansion plan will expand the retailer’s small store network by ten times.
Future Group founder Kishore Biyani was quoted by the financial daily as saying: “The company plans to dot the country with small-format ‘Easyday’ branded stores in the range of 2,500ft2 and the membership-based format plans to enrol about 20 million members.
The retail group is also planning to invest $14.7m as part of the first phase of its Retail 3.0 digital strategy.
The investment will be used to integrate technology with its bricks-and-mortar store model in the country, including small-format stores such as Easyday, Nilgiris and Heritage.
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By GlobalDataAt three of its Nilgiris stores, the firm is testing a facility where customers can shop by scanning the barcodes of products using their mobile application and the selected products would be delivered at customers’ homes.
Biyani noted: “It is scan-and-go and it is cashless checkout, as payments are done through wallet and other digital means.”
The company is currently offering a home delivery service from 70 small-format stores in Delhi, and plans to expand it to 1,000 stores across the country in the future.
Biyani was quoted by Livemint as saying: “We expect our small-format stores to overtake Big Bazaar in the next four years.
“What we are offering is similar to Amazon Prime, where one gets certain privileges, having paid a membership fee. Customers want quality, convenience and competitive prices and we offer all three to them.
“Our focus is to drive membership and we would forge strategic alliances with different players to offer such services.”
