The Hindu Business Line : Future Group plans more Ethnicity outlets

Ahmedabad, Oct.16 The Future Group CEO, Mr Kishore Biyani, maintaining that there is ‘no slowdown in India’ announced the opening of eight stores under the company’s new format, Ethnicity, across major cities.

While conceding that the markets were ‘under pressure’, he said this would not make much impact on sales. “Hardly 2 per cent Indians invest in the stock market and its woes do not mean a downturn in the economy,” he told reporters, after inaugurating the first ‘Ethnicity’ outlet here.

He said the Future Group expected to have a turnover of more than Rs 10,000 crore this year. From the rural market alone it expected revenues to the tune of Rs 1,500 crore.

Asked about the recent closure of two Big Bazaar outlets in Ahmedabad, Mr Biyani said one of these, in Bapunagar, was found to be in the ‘wrong’ market place while the other one, in an upmarket area, was being converted into another format. The Group was expanding to an additional five to six million sq.ft area next year. In Ahmedabad, a new store under the ‘Central’ format would be opened in the CG Road area in January-February next year, he said.

Refusing to comment on reports of a major retailer laying off employees, Mr Biyani maintained that lay-off was ‘not the best idea’ for the sector. The new format, Ethnicity, would be spread over an area of 20,000-30,000 sq.ft and involve an investment of nearly Rs 8 crore each, generating about 150 jobs.

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