Future Retail adds 3 lakh sq ft retail space, shuts down ecommerce site

Future RetailFuture Retail, one of the leading retail chains in India, has increased its retail floor space by 3 lakh square feet to 1.3 cr square feet during the April-June quarter this year, said the company.

The company has increased its floor spaces in nine cities which includes Hyderabad, Pune, Mumbai, Indore, Nellore, Gaya and Keonjhar.

Hyderabad (62,517 sq ft) and Pune (34191 sq ft) were the major cities where expansion was focused.

Future Group had yesterday announced the shutdown of its ecommerce venture Big Bazaar Direct after almost 3 years since launch in September 2013.

The company had earlier reported a profit of Rs 70 cr from a net revenue of Rs 3892 cr for the April- June quarter.

At a time when ecommerce is booming in India, Kishore Biyani’s Future Group has taken a bold step towards continuing only with their “brick and mortar” retailing model.

With Amazon India moving aggresively and Alibaba all set to enter the ecommerce business in India, Future Group has decided to concentrate and grow their core model of business.

Future Group had initially started its ecommerce website Future Bazar well before Flipkart but failed to make it profitable.

The group still owns FabFurnish.com, a online furniture store.