India’s leading retail firm, Future Group has announced to open about 10,000 small stores as a part of its strategy to grow revenue from smaller format stores, its founder Kishore Biyani said in a statement.
The company is aiming to grow revenue than ten times, to Rs 60,000 crore, from about Rs 5,000 crore at present, though the time frame for the target has not been mentioned by the firm.
The mega 10,000 store target is 10 times the small outlets that Future Group runs. With an annual turnover of Rs.30,000 crore, Future Group has 1,700 stores including a combination of large and small outlets.
Interestingly, the retailer is also working parallelly on its “Niligiris” outlets, a facility which will enable consumers to scan barcodes of products using mobile application following delivery of the goods to their home.
Kishore Biyani while speaking to a leading media house told that company is planning to bring small format “Easyday” branded stores onboard in the range of 2,500 sq ft and the membership-based format plans to enrol about 20 million members.
Last year, Future Group has bought stores from Bharti Airtel and some other acquisitions and had converted them into membership-based Easyday Club, where member pay an annual fee of Rs 999 and get about 10% discount on purchases.
Post the small store format, the company will expand its membership card to discounts at other stores too such as Central, Big Bazaar, eZone and other formats too. The retailer is also testing a platform which will enable users to place their orders on Future Group network via WhatsApp messaging, Biyani told in a statement.