Kishore Biyani-led Future Group is eyeing around Rs 12,000 crore from the private labels by 2012.
Speaking to media on the occasion of India Retail Forum 2008 in Mumbai, Biyani expressed his hopes saying that brands are created by the image what we call as ‘brand image’ and if the demand and the need of the consumers are taken care of, then any brand can become the favourite brand to the consumers. That is why Future Group is currently engaged into researching and innovating private brands for its customers.
He also said, Future Group is eyeing for a 50 per cent stand-alone stores in near future. According to Biyani, as long as Indian retail market is concerned, one should look into the expansion in terms of the number of stores to reach more and more people and not to the formats. So, Future Group would be looking into opening more and more stores in near future in any format.
According to him, presently the retailers are too much into researching about the formats of the stores avoiding the needs and demands of the people. It is also the rural retailing in every format that the group has in its radar starting from opening grocery stores to providing insurance to the farmers to reach more and more people. The group is eying for as many as 170 to180 ‘Aadhar’ stores in the next 12 to14 months as part of its expansion plan. But the group is not at all eying to the ‘Cash-and-Carry’ formats as of now. Future eyes to giving more and more to the consumers according to their demand and needs.
He further informed that the Group has done extended market research on understanding the Indian markets and consumers for the past one year with the Mckensey Group and now planning to come up in a re-invented way. The group is also eyeing for a strict restriction in making expenditure, which results into saving around Rs165 crore in the last year by the group. This saving has also been included in the group’s future planning.
Kishore Biyani, however, negated the news that Future Group is eyeing to buy stake in Subhiksha.