Following its expansion strategy, the Future Group firm is expanding into the smaller tier-II cities in India
In August, the Future group had announced to sell its retail, wholesale, logistics and warehousing business to Mukesh Ambani's Reliance Retail Ventures Ltd
Big Bazaar, one of the leading hypermarket chain in India, is planning to open 16 new stores over the next three quarter. With this, the popular brand aims to touch 300 stores in the country, according to official.
"We are on the course to complete the milestone of reaching 300 hypermarket stores in next three quarters," said Sadashiv Nayak, Big Bazaar chief executive officer said. At present, Future Retail is operating 284 stores of Big Bazaar in over 100 cities across the country.
Following its expansion strategy, the Future Group firm is expanding into the smaller tier-II cities in India, which are less impacted by the COVID-19 pandemic. The emerging consumption class in those areas have attracted the hypermarket chain.
Big Bazaar operates multiple stores in several tier-II citi
es. It has six stores in Bhubaneswar, five in Patna, four in Nagpur and Jaipur, three stores each in cities such as Baroda, Ranchi Nasik. The company had last week opened its new store in Lucknow, which is the seventh in the city.
"With the 300 stores, we would be reaching almost across all the states," Nayak added, according news agency PTI.
Coronavirus pandemic and nationwide lockdown hit the business of Big Bazaar. However, the footfalls at tge stores have increased, especially during the festive season. Commenting on the recovery of the business post lockdown, Nayak mentioned all sections including the apparels and garments also recorded good sales during festive seasons.
"We are still on path to recovery, we have not fully recovered to normal state," Nayak said adding "there are some behaviour changes on part of consumers also."
"People have started to consume again, which is a good sign and the people need to be price conscious and promotion conscious and that has not gone away. People are checking the price and promotions," he said.
"Another behaviour change is that now the people have started to check the source of the origin of the products," he mentioned.
"Chains such as Big Bazaar are needed not only for providing daily essentials at affordable prices but also to stroke consumption," he added.
To sustain during pandemic, Big Bazar has also adopted digital modes of shopping. Customers can get also avail doorstep delivery option using shopping app, WhatsApp and even phone. The company has also introduced 'pick up at stores' options for all. On being asked about the contribution of these new channels in Big Bazaar total sales, Nayak said: "Different markets have different behaviour... We have hit the catchments of cities and towns, where the order from delivery have hit 15 per cent of the store sale".
In August, the Future group had announced to sell its retail, wholesale, logistics and warehousing business to billionaire Mukesh Ambani's Reliance Industries' firm Reliance Retail Ventures Ltd (RRVL) for an aggregate consideration of ₹24,713 crore. According to the deal, RRVL would acquire the popular Future brand stores such as Big Bazaar, Fbb, Foodhall, Easyday, Nilgiris, Central and Brand Factory.
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