The volume of home improvement business that can generate in New Town when it is in full flow can be gauged from the fact that Kishore Biyani owned Future Group is going to headquarter here its less-than-a-year-old Home Solutions Retail.
Home Solutions will come in 4 formats – Collection-i, eZone, Home Town and Furniture Bazaar. Of these, each Home Town store will be spread over 1.2 lakh sq ft against investment of Rs.20 crore.
eZone comes next with Rs.5 crore investment, and each Collection-i store will see Rs.3 crore investment. In all, Home Solutions Retail’s short-term expansion will involve rolling out of 3 Home Town outlets, 15 eZone and 6 Collection-i stores over coming 3 months.
As I’ve indicated in my earlier posts, jockeying to corner retail space has begun in right earnest after Wal-Mart’s entry became near certain. Every big business house in India is on rapid expansion mode to spread their retail tentacles to far and wide of the country.
In the face of competition, 2 things will surely happen. One, consumers will be flooded with many options to choose from. Two, since retail business is manpower dependent, great many jobs will be created, which is something that didn’t look plausible even a couple of years back.