New Delhi, November 22: Aimed at making the firm a Rs 1.5-trillion business opportunity by 2022, Indian fashion and retail conglomerate Future Group plans to open 10,000 member-only Easyday stores. On Tuesday, the Future Group unveiled a 30-year vision, Retail 3.0, by when it plans to become Asia’s largest integrated consumer retailer by 2047 with revenue of in excess of $1 trillion. Chairman and chief executive of Future Group Kishore Biyani on Tuesday stated that the group expects to grow at a 20% compound annual growth rate for the next 30 years. Also Read - Amazon Gets Notice From Delhi HC on Plea Against Future Group-Reliance Deal
The Easyday stores will be technologically- driven. They will integrate physical presence with tools to understand consumer behaviour and requirements. All this will be done through artificial intelligence, and machine learning. At present the Future Group’s businesses include Big Bazaar, Food Bazaar, lifestyle stores like Brand Factory, and Central. The group also runs neighbourhood format store Easyday, which is the same identity under which the new stores will be opened. Also Read - Mukesh Ambani's $3.4 Billion Deal With Future Group Stalled After Supreme Court Agrees to Hear Amazon Plea
The Future Group has partnered with tech giants Google and Facebook and consulting firm Deloitte for the rollout of its Retail 3.0 initiative. Biyani further claimed that by the end of the current fiscal, the group will have 1,100 Easyday stores from the present 700. Each such store will have an investment of around Rs. 15 lakh, he added. “We will have 10,000 member-only stores by 2022, and assuming certain spends, this will be a Rs. 1.5 trillion business opportunity for the group,” Biyani added.
Each such store will have an investment of around Rs. 15 lakh. “We will have 10,000 member-only stores by 2022, and assuming certain spends, this will be a Rs. 1.5 trillion business opportunity for the group,” Biyani said. Biyani was quoted in a PTI report saying each member-merchant will be charged Rs 999 in annual membership fee, for which the member will get 10 per cent discount on all purchases. These stores aim to place a store within 2 km of every consumer, and will 2,500-3000 sqft area with 3,500 stock keeping units, he explained.