DP Retail plans to have a pan-India presence with 50 lakh square foot space in the next few years
Given the rising consumerism in Metros like Mumbai, DP Retail, a subsidiary of Darwin Platform Group of Companies (DPGC) today formally announced its entry into retail space with the launch of its first megastore at DN Nagar, Andheri West Mumbai. At the launch ceremony, famous Bollywood actress Ms. Huma Qureshi inaugurated DP Retail’s first store. The company would be opening other self-owned exclusive stores at Bhandup, Goregaon, Jogeshwari, Sion, and Worli soon. The launch signifies the DPGC’s ambitious plan to leverage the potential of Indian Retail Space which is one of the most dynamic and fast-paced sectors with double-digit annual growth and it accounts for over 10 per cent of the country’s gross domestic product (GDP) and around eight per cent of the employment.
Raja Roy Choudhury, (Group CEO, DPGC) and Ms. Huma Qureshi at opening of “DP Retail”
With 2,500 square feet, DP Retail’s first self-owned store at Andheri boasts of an optimal mix of national, regional, local and private label quality brands at competitive and concessional rates with loyalty and promotional schemes. DP Retail plans to have a pan-India presence with 50 lakh square foot space in the next few years.
Inaugurating the DP Retail Store, Ms. Huma Qureshi said, “It is an honour for me to open the DPGC’s first megastore in Mumbai which India offers huge potential in the retail space. The store will give a new age experience to shoppers. I am sure DP Retail would be leveraging its strong network to source quality products from micro and small industries. The company’s business model is perfectly aligned with ‘Make in India’ and ‘Vocal for Local’ campaigns.”
DP Retail plans to invest Rs. 1,000 crore in FY 21 to reach out to other Indian cities. It has also allocated Rs. 100 crore towards market penetration across the omnichannel retail business including an innovative franchise model.
Talking to reporters after the launch ceremony, Raja Roy Choudhury, Group CEO, DPGC said, “India is the world’s fifth-largest global destination in the retail space. With DP Retail, we would be leveraging our countrywide network to cater to the rising consumers’ demand. The first self-owned exclusive megastore of DP Retail, opened today, is spread over 2500 square feet. Other five stores in the city would be spread over 500-600 square feet. Overall, we are aiming at 50 lakh square feet space across the country in the next few years.”
“We have recently launched Mega Employment Program to provide job opportunities to youth and DP Retail would be offering jobs to nearly 1.25 lakh people in the next one or two years. We have an ambitious plan to provide jobs to 40 lakh people and DP Retail would have lion’s share in this,” he added.
DP Retail, through its robust procurement policy, would encourage and empower local growers, traders, manufacturers, and skills to increase their sphere of influence and get the best price for their products and services. This policy would act as a catalyst to promote vocal for local and thereby giving a push to Atmanirbhar Bharat Mission. DPGC’s history of winning over customers by heavy discounts during the initial stage is likely to work in its favour.
According to the industry estimates, in 2021 conventional retail would continue to dominate with over 75 per cent share in the organised segment. DP Retail would leverage this strength of the segment.
The Indian retail sector would continue to witness over 10% Compound Annual Growth Rate (CAGR) in the period 2016-21. The sector plays a pivotal role in the growth story of the Indian economy through significant contribution towards the national GDP, attracting significant domestic as well as foreign investments and technologies, and generating vast employment opportunities. It is projected that by 2021, traditional retail will hold a major share of 75%, organized retail share will reach 18% and E-commerce retail share will reach 7% of the total retail market. According to a FICCI – Deloitte Report on the Retail sector, Consumer retail is expected to reach a size of INR 85 trillion by 2021. Leveraging its strengths and potentials of the Indian consumer retail.
DP Retail would leverage its PAN India presence with food, health, wellness, and other products (except fashion items). It would also focus on Indian traditional products and values. Hence, a customer in Mumbai can have ethnic food items from any part of the country. All brands of dry fruit, food items, and other localised products will be available at its stores.
Established in 1996, the DPGC’s net worth is USD 6.4 billion and it has 25 associates companies. Over the years, the Group has made rapid progress in several sectors with its other associate companies which include Darwin Platform Capital, Darwin Platform Holding, and Darwin Platform Infrastructure. Apart from these the Group, through its subsidiaries and associate companies, also operates in Banking, Healthcare, Aviation, Realty, Energy, Mass Media, and IT Sectors. The Group has now entered into the Retail and Defense Production Sectors with an innovative business model. Innovations would be inherent in its quality, pricing, accessibility, marketing, sourcing, merchandising, and other areas of operations. The country’s biggest employment scheme aims to build a strong nation with employment generation and wealth creation. To begin with, DPGC would take all its 1.25 lakh business associates across India on its payroll with a monthly salary of Rupees 15000 – 20,000. The Group targets to provide 1.25 lakh employment or income generation opportunities in each state (total 28) and Union Territories such as Delhi and Chandigarh.