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Future Group, India’s leading business house with multiple businesses spanning across various formats, is planning to buy the single hypermarket of Shoprite in Mumbai. The company has plans to set up a food store with its existing employees. As per Kishore Biyani, CEO, Future Group, “We are currently in talks and I do not want to comment on anything further.”
Recently, South African based retail chain ‘Shoprite’ called off its franchise deal with real estate developer, India based Nirmal Lifestyle Group. Shoprite entered into a franchise agreement with Nirmal Lifestyle Group in 2004 and set up its first hypermarket in Mumbai. Though the existing hypermarket in Mumbai is quite profitable but the company has failed to expand beyond one store. So, Shoprite has announced its decision to call off its hypermarket operations.
Shoprite, in India as a hyper market offered food and household items such as kitchenware, toys, stationery, appliances and clothing. The Shoprite Group of Companies, Africa’s largest food retailer, operates 1079 corporate and 270 franchise outlets in 17 countries across Africa, the Indian Ocean Islands and southern Asia.
