Grocery major Godrej Nature’s Basket will reportedly shut all eight retail stores in the National Capital Region. The Vasant Vihar and Gurgaon stores have already been closed and the remaining six will too stop operating in a few weeks’ time.
Confirming the closure, Managing Director, Godrej Nature’s Basket, Avani Davda said, “Store openings and closures are a part of any retailer’s growth journey. As part of this transformation, we will serve our customers through the brick and mortar stores in certain markets and through the online channel in all markets.”
Despite the closure, Godrej Nature’s Basket has outlined a clear roadmap for the business to achieve its target of Rs 1000 crore revenue by FY21.
Their transformation journey entails consolidation in certain markets and sustainable profitable growth that will materialize over the next three to five years.
“Our new proposition requires us to re-invent our experience and our offering. We are choosing to do that in our largest and strongest markets that have the highest potential for penetration and growth, which is the South and West. Our existing and new stores would be transformed, leading to become the ‘freshest and finest’ neighborhood store. The refreshed store design will be unveiled by early FY 18,” added Davda.
The premium food retail arm of the Godrej group will cater to the market in Delhi and adjoining areas through e-commerce platforms such as Snapdeal and Amazon, apart from the online grocery platform Ekstop.com it had acquired in early 2015 as well as its mobile app.
Incepted in 2005, Godrej Nature’s Basket is now at a very interesting inflection point and is committed to redefining India’s freshest and finest food experience.
As a single fresh food store, it has today morphed into a 36-store chain of premium gourmet stores strategically located at high street locations in Mumbai, Delhi/NCR, Pune, Hyderabad and Bangalore.