Future Group to sign with the Largest Retail Operator Carrefour
The Mint reported, under the agreement m Future Group, India’s largest retail operator with brands such as Pantaloon Retail and Big Bazaar, has signed a deal with French retailer Carrefour. In the next five years, the mint said Future Group plans between 150 and 300 Carrefour branded hypermarkets. The spokesperson who spoke on condition of anonymity as the announcement was yet due said, “This is quite ambitious given the challenges in finding right space required for such hypermarkets. Future Group was currently identifying several Big Bazaar hypermarkets that could be converted into Carrefour stores. It plans to use space it has rented in upcoming malls for Big Bazaar outlets to open Carrefour stores instead”.
It may be noted that , Future Group which currently runs around 125 Big Bazaar hyper markets , said they had booked 80,000 square feet space in the mall in July with plans to open a Big Bazaar store. Citing two people familiar with the development , the mint reported with one of the person saying , “The company will continue to push both Big Bazaar and Carrefour brands because they cater to different sets of consumers. While Big Bazaar will operate as a mass-market format, Carrefour will cater to “upscale” consumers in the country”. Future Group CEO Kishore Biyani told Reuters , referring to media reports of a possible tie up between the two , “"We have not commented on this so far and whenever there is something we will make an announcement”,.
Infact a rule that is not expected to be relaxed in the near term is that the foreign forms are prohibited from owning multi brand retail chains in India. Wal Mart and Germany’s Metro are the top ranked which operate so called cash and carry ventures in India.