Future Group Chief Executive Officer (CEO) Kishore Biyani on Tuesday announced his Retail 3.0 plan, through which he aims to transform his empire into the largest integrated consumer business in Asia by 2047. The revenue from this could be $1 trillion (Rs 64 lakh crore in current exchange rate). This plan includes opening 10,000 member-only Easyday stores to make it a Rs1.5 lakh crore business opportunity by 2022. Facebook and Google will provide it analytical support. The new retail format will have 2,000 members who would be able to order online from these stores and avail discounts. “It’s going to be a brick-and-mortar store where you can walk in, you can send texts, you can call and order, or you can use the app,” said Biyani. Facebook is already the digital advertising partner for the Future Group. It will also provide in-depth user-behaviour profiles. Google will help with location-driven member acquisition across the country. “We have 300 million smartphone users spending up to three hours online every day.Biyani expects the Future Group to become a top global fashion brand with this venture. Explaining his plan, the Future Group CEO also said each store will sell up to 3,500 stock keeping units. “We expect over 10 million consumers to spend up to Rs 1 lakh each by 2022 through Easyday stores,” said Biyani. The group is targeting 1,100 stores by the end of FY18. Three data analytics centre for “Tathastu” will be set up in Kolkata; the brand will be launched in Punjab first. This announcement comes within days of Reliance Jio announcing plans to tie up with corner stores to offer retail services to users. In June 2015, Biyani announced his vision to earn Rs 1 lakh crore by 2021 through small stores, data analytics, the fast-moving consumer goods business and so on. Biyani has acquired Big Apple, Nilgiris, Bharti Retail, the retail business of Heritage Fresh, and Hypercity to build his empire.
Future Group eyes $1-trn revenue by 2047; gets Facebook, Google on board
This plan includes opening 10,000 member-only Easyday stores to make it a Rs 1.5 lakh cr business opportunity
Romita Majumdar |