1-India Family Mart is planning to open 200 stores by 2022. The New Delhi-based fashion retail chain is looking at expanding rapidly in Odisha, West Bengal, and North East along with strengthening its footprint in the existing markets.
JP Shukla, Chief Executive Officer and Co-Founder, 1-India Family Mart, said, “We have recorded the fastest growth in the value retail segment and have completed 100 stores in a span of 6 years. Now we are planning to further expand our presence in tier-3 and 4 markets and we aim to complete the next 100 stores by 2022.”
Presence of 1-India Family Mart
Operated by Nysaa Retail, 1-India Family Mart was started in 2013 with the first store in Uttar Pradesh. Last month, the company opened its 100th store in Bihar.
The retail chain is now spread across more than 90 cities in eastern and northern India.
At present, 1-India Family Mart is aiming to expand the business to newer territories where there is growth potential. The company is also evaluating newer markets within the states.
“The year 2019 has been a tough year in terms of the consumption but we are putting in best of the efforts in marketing, product profiling, technology and customer profiling to grab the best we can,” Shukla stated.
He added, “However with the initiatives that are being taken by the government towards liquidity, he is hoping for a good start in 2020.”
Indian Retail Industry
The Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players. The country is also the world’s fifth-largest global destination in the retail space.
The industry’s total consumption expenditure will likely reach nearly $3,600 billion by 2020 from $1,824 billion in 2017.
“With a rapidly growing economy and higher GDP per capita, it can be assumed that the Indian retail industry has started to change its gears, just like China did in the last 15 years,” Shukla said.