As part of company’s pan-India expansion plan, Kishore Biyani-led Future Group has decided to go to eastern India in its next move. Further, the group is planning to add some 6 lakh square feet of retail space over the next one year across three of its main formats — Pantaloons, Big Bazaar and Home Town.
Sandeep Marwaha, regional head (East), Pantaloon Retail India, said, “We have been witnessing normal business in the East. Over the next one year, we plan to launch eight new stores of Big Bazaar and Pantaloons combined and one of our home style format Home Town.”
“In our next phase of expansion, we are planning to enter new markets like Tinsukia, Jamshedpur, Patna and Deogarh. We will enter new markets with the Big Bazaar format and will evaluate other options then,” added Marwaha.
Meanwhile, the group is going to convert some of its less profitable stores into newer formats and target revenue maximisation out of existing stores by setting up speciality format shop-in-shops in Pantaloons and Big Bazaar.
However, Marwaha further said: “We are trying to move from a fixed rental to revenue sharing arrangement with the realtors.”
Currently, Future Group operates around 1.5 million square feet in the East, of which Big Bazaar constitutes 10 lakh square feet and Pantaloons around 3.5 lakh square feet.