INDIA – Food retail chain Godrej Nature’s Basket (GNB) targets to open up to 70 stores by 2020-21, eyeing revenues worth Rs 1,000 crore (US$153m) by 2022, according to a company executive.
“The business is also looking at aggressively expanding its footprint to 60-70 stores in the next few years, with 6-8 stores being added by the end of the current financial year,” Avani Davda, managing director, Nature’s Basket told PTI.
“The company’s transformation is centered on being the go-to place for the customer’s daily food delights, from just a world foods store,” Davda added.
“The brand aims to meet both special and daily food needs of consumers,” she added.
The food retail chain has charted a growth plan with a target of Rs 1,000 crore in revenues by FY22 at a compounded rate of 31 per cent, the company said.
As a part of the store’s vision to be a neighbourhood store for daily food needs, the company will be focusing on specific categories, which have the potential to accelerate their growth.
“One that we have identified is the ‘Fresh’ category, which contributes to over 40 per cent of our revenues. We expect this to increase to 50 per cent by FY18,” Davda said.
The chain plans to focus on the south and west regions sourcing fresh and fine foods, and nurturing its own brands like Healthy Alternatives, L’Exclusif and Nature’s, it said.
“We embarked on our transformation journey a year ago and towards this, the business has invested significantly behind talent development at all levels and in technology to uplift employee experience by creating a cultural transformation,” she said.
“The other key areas included strengthening a robust world-class supply chain, creating enduring customer experiences and leveraging tech capabilities for enhanced retail processes,” she added.