Future Retail to focus on affordability for growth
The company will offer the lowest price across categories like food and apparel amid the Covid-19 outbreak, which has led to an economic slowdown in the country.
"We are challenging any other player to offer a price less than ours. I don’t see the market growing very fast and expansions will be curtailed to focus only on new markets. This growth will be led by technology and credit. We will offer consumption credit through a significant tie-up with Bajaj Finance," chief executive officer of Future Group, Kishore Biyani, told the Economic Times.
“There will not be any discounting. It is a ‘first price right' strategy (making the MRP attractive enough without offering additional discounts), which will get the consumer into our outlets,” Biyani said.
For the financial year 2018-19, Future Retail had reported a net profit of Rs 733 crore ($102.7 million) on revenue of Rs 20,165 crore.
Future Retail operates more than 1,550 for its brands Big Bazaar, FBB, Easyday, Ezone, among others.
Majority of its revenue is driven by the group’s supermarket chain, Big Bazaar, and fashion retail chain, Fashion at Big Bazaar.
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