New Delhi: Future Group, which runs country’s largest retail chain Big Bazaar, on Thursday said it expects good business in the upcoming festive season even as “large ticket” sales like auto and home are slowing down.
“The large ticket sales like home, auto are slowing down a little bit and that’s a great benefit to people like us who sell lesser ticket items,” Future Group CEO Kishore Biyani told reporters here on the sidelines of a Ficci event.
He said that slowdown in home, auto sectors would be beneficial for retailers during the upcoming festival season.
“The environment, it seems to be uncertain in terms of European economy but Indian consumers are insulated, I think they are aspirational and want to buy more,” Biyani said.
He added that Puja season in Kolkata was good for the company and the company expects a good festive season between October and December this year.
“Fourty per cent of our business comes from October- December period and we are fully prepared for the season. Planning has been good this year and we are fully prepared for this festive season,” Biyani said.
He said the company has formulated a detailed plan regarding the shopping habits of customers during the festive season and accordingly they have prepared themselves for the upcoming season.
“This year we have done a lot of research regarding the requirements of customers during the festive season and we are fully equipped for the season,” Biyani said.
He said the company expected gift items, chocolates, dry fruits to be main selling products during the festive season.
Speaking about FDI in multi brand retail he said: “Let the government come up with the policy then we will decide our strategy. At this moment we cannot decide on anything until there is policy framework in place”.
At present, the government allows FDI only in single brand retail chains with a cap of 51%. It also permits 100% overseas investment in wholesale cash-and-carry format stores.