With Retail industry embracing India, some major investors give it a push. Reportedly, Sahara India—among the top brands in hospitality industry—announced its plan to invest INR 30 billion for its new retail venture. The group aspires to for revenue target of Rs. 500 billion after two years of its hefty investment.
The Sahara group plans to launch its retail outlets in 998 towns and cities under the ‘Sahara Q shop’ brand of stores. The stores would market a range of products under 73 categories including personal care, home care, processed foods and other products. As per the chairman of Sahara India Pariwar, Subrata Roy, the group is planning to set up 60,000 outlets in various parts of the country in the forthcoming year till the second quarter of 2014.
According to Roy, the decision would work in the favor of the country at large. He said “the new venture would provide jobs to around 1.43 lakh people gradually within 18 months.” He added,” “We always try to plan something to enhance the earnings of our workers. This is a very growing business in India. Today the yearly sale of these products in the country is 16 lakh crore and a growth rate of 20%.”
Retail is the only sector that can survive amidst shaking economy. Recent statistics show that the Retail sector is in the maturing phase in India, as the urban sector in south India have taken up to the supermarket style shopping very fervently. Seeing the potential of the retail industry, many companies have sprouted up in a very short term with the objective of establishing their base in the fast emerging marketplace and earning high turnover. Apparently, major business owners, not related to this industry, are also seen planning an attempt into the retail sector. Reliance, the telecom industry giant has multiplied its earnings by extensively entering the retail sector with many stores across the country.
The Sahara India group may also enter eCommerce, wherein its sales force would deliver the products right at the doorstep of consumers, who place an online order for merchandise at their outlets.