Central eyes Rs 3k crore revenues

Future Retail’s lifestyle mall Central, backed by new design and definition, is set to close FY17 with Rs 3,000 crore in revenues.

The company on Thursday launched the revamped version of Bangalore Central on Residency Road, and plans to redo 5 more Central’s across the country, in Bengaluru, Pune, Mumbai, Hyderabad and Ahmedabad.

“The design sets a new benchmark for retailing in India, and competes in the new world driven by technology,” said Kishore Biyani, Group CEO, Future Group. The 1,10,000 sq feet store was renovated at a cost of Rs 7,000-8,000 per sq foot, he said.

With 32 Central stores across 20 cities, the company is set to launch 6 more this year. With 38 Central stores by the end of this financial year, the company expects a growth of around 25% in revenues, particularly led by its redesigned approach.

Biyani revealed that redesigning one floor in its Hyderabad store led to a 100% rise in the average ticket size there, and expects similar trends in Bengaluru. The Bangalore Central in Jayanagar is the leading Central raking in over Rs 200 crore per year.

Undeterred by ecommerce, Biyani said, “To compete with ecommerce portals, we have Brand Factory. We plan to launch 15 more of them this year.”  While Brand Factory follows the discounting format to chase the value-driven customer, Central will cater to the more sophisticated customer, who wants to enjoy the shopping experience in luxury and liesure.

“To further augment customer experience, the company will soon launch initiatives including, Whatsapp shopping, reserved shopping and shopping by appointment (with assistance from shopping consultants),” said Vishnu Prasad, CEO, Central.