The Future Group, promoted by famous industrialist Kishore Biyani, has recently announced the launching of a new shop-in-shop format named Imported Bazaar in the city of Hyderabad. The company has launched the new store on Thursday, in association with the Mumbai-based Sankalp Retail Value Stores that is the Indian master franchisee of the US discount retail chain MyDollarStore. The company officials have stated that they are expecting to earn a revenue of about Rs 200 crore from the new format in the first year.
While commenting on the launching occasion, the Chief Executive Officer of Sankalp Retail, Mr. Soumitra K Ghatak said, "Imported Bazaar, as the name suggests, has been conceptualized with an idea to showcase genuine imported products. The Indian consumer, henceforth, would be able to buy branded products that are not yet available in India". He informed that the Future Group did pick up a 28 per cent stake in Sankalp Retail in the ending part of the year of 2007. Mr. Ghatak inaugurated the Imported Bazaar in Hyderabad and he also said that the store is spread over a carpet area of 1,000 sq ft each and located within the Ameerpet and Abids Big Bazaars in Hyderabad. He said that the basic idea behind launching this store was to offer aspirational international brands to the growing Indian middle class.
Mr. Ghatak was also talking about the other plans of the company and said that the Future Group is intending to take this new concept to all the Big Bazaars and Food Bazaars across the country. He informed that they are planning to have more than 150 Imported Bazaars in India by the end of the next financial year and said, "Besides, we will be scaling up our standalone MyDollarStore chain to 100 in a couple of months from 48 now". He added that the company is expecting to garner Rs 300 crore from its standalone format by the year of 2010 and the companys revenues from MyDollarStores are standing at Rs 100 crore at the moment. He further informed that the Imported Bazaar stores will be offering the international brands like Kraft, Unilever, General Mills, Kelloggs, Ferrero, Tony & Guy, Quickburys and P&G in the categories like food, confectionery, health and beauty, general merchandise, toys and fashion.
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| Posted : 3/15/2008 |
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