Mumbai: Following the footpath of its WHSmith retail chain, Future Retail is eyeing to tap airport locations with launching Future Lifestyle Fashion stores in locations such as Goa, Lucknow, Bhubaneshwar and Gwahati airports soon. In the quest of acquiring larger pie of retail sale at airports the challenge for the group will be to bear high cost of the rent at airport while maintaining sustainability and profitability. The company is also planning to bid for Chennai and Chandigarh airports.
“Goa airport store will be of 10,000 sqft and others will be of 4000 sqft each. Goa airport has a rent of Rs 3000 per sqft per month thus the time will tell the profitability. But the price of the products at these will be same across inside as of outside of airport”, said Rakesh Biyani, Joint Managing Director, Future Retail Ltd.
Under its ambitious Retail 3.0 strategy, Future Retail is also planning to launch around 200 Brand Factory stores blended with technology in the coming years. It is also aiming to bring 1 cr online Indian customers hooked to its different formats of offline stores.
Also while talking about the decreasing of overall discounting days with some retailers in the market Rakesh Biyani said, “Every industry goes through a cycle. Everybody is trying to do something or the other to gain the business. Things are now sliding towards good balance with some retailers reducing the numbers of discounting days and the overall sale is optimizing well.”