India’s Future Group is set to expand its network of Big Bazaar and small format stores during the course of this financial year.
The expansion plans include the opening of 20 Big Bazaar stores and around 100 small format stores in the current year.
The company is expecting its business to grow by 20 per cent overall in the current Fiscal Year. Reportedly, the retailer is opening 2 small stores per day and will soon increase the pace to 3 outlets every day.
CP Toshniwal, Executive Director & CFO, Future Lifestyle Fashions also opened up about the group selling 10% of its share. “FPI (Foreign portfolio investor) route of up to 10 per cent is open for a listed player like us. Also, there is a lot of interest in the retail sector. A foreign player on board will be helpful to enhance the business faster,” Toshniwal said.
Notably, Future Retail recorded a profit of Rs. 11.3 crores in 2017-18 on sales of Rs. 18,478 crores. The retailer is now anticipating its online sales to cross Rs. 1,000 crore in 2019.
It is important to add here that US-based retail giant Walmart and e-commerce player Amazon Inc. had shown interest in taking up the available 10 per cent share in the Future Group. While Walmart is trying to strengthen its grip in the Indian retail market after acquiring Flipkart in a whopping US $ 16 billion deal, on the other hand, Amazon is also continuously trying to match Flipkart to tap the booming Indian retail market.
The Future Group at present is operating across 300 plus cities with over 1,000 exclusive stores spread across the country.
