During in the year the erstwhile Future Retail Limited announced the partnership witherstwhile Bharti Retail Limited to combine the businesses of the companies bringingtogether winning retail brands such as Big Bazaar easyday fbb Food Bazaar Home TowneZone and Foodhall. As part of the Scheme of Arrangement the front end operations ofthese retail chains were consolidated within Bharti Retail Limited. Subsequently name ofthe Company has been changed to Future Retail Limited.
Your Company is now a pure retail play that operates 738 retail stores in 221 citiesalong with a number of digital platforms. These stores catered to close to 295 millioncustomer walk-ins and are spread over around 13 Mn. Sq. Ft. of space. Managing and growingthese networks and retail brands forms the only business of your Company and catering tothe consumption sector and consumers forms the driving force of this business.
Consumers today live a seamless life between the physical and the digital world. As aretail organization catering consumers' needs and aspirations we believe the future ofretail lies not in pure physical stores or pure ecommerce sites but a seamless platformthat integrates with the seamless world that the customer interacts with. We call it aconnected commerce organization.
Having built a robust and unparalleled retail network in the country we today aremoving towards building a connected commerce organization that lives breathes and thrivesin the digital era. Over last couple of years substantial investments were made inbuilding loyalty and data analytics capabilities. The Company is now benefitting from thisby interpreting and reacting to consumer data and information in a real-time in a muchmore efficient and seamless manner. Our data analytics program is helping improveone-on-one communication with customers improving their frequency of visits helpingpredict and shape consumption patterns and create smarter promotion and engagement engineswith customers.
The organisation has also started benefitting from engaging much more effectively withconsumers on social media. However the biggest change in happening within theorganization wherein most people processes are now embedded with mobile and digitaltechnology catering to over 32000 colleagues who make this organization succeed andtransform. Many of our businesses have now moved into digital platforms - led by ourelectronics and home retailing business. The prototypes and experiments conducted over thelast couple of years across various platforms has also helped shape the stores anddigital platforms that we are now creating.
Taking this spirit ahead the Company introduced Big Bazaar GenNxt stores in Noida andMumbai. The stores integrate superior shopping experiences with innovations such asinteractive digital screens sit- down checkouts and smart customer service. Soon theywill sport smart trial rooms and endless aisles or kiosks wherein the customer can orderfrom a larger range of merchandise which may not be stocked within the store. Our storesare also turning into fulfillment centers and merchandise return points for goods orderedonline. Payments are now possible through multiple channels including mobile wallets.Going ahead we envision a scenario wherein the customer has the choice to choose toperform digitally or physically any of the activities connected with buying - discoverychoice pickup payments fulfillment or return.
It is a brave and exciting future that we are headed towards. It is a future whereinchange will be constant and organizations will continuously have to go through learningunlearning and relearning. We have so far thrived in this environment and we thank all ourstakeholders who have helped us do so.
Rewrite Rules Retain Values