Darwin Platform Group to invest Rs 1000 crore in retail

With the aim of emerging as a major retail player in India, Darwin Platform Group has committed Rs 1000 crore towards retail foray, the company said in a statement. The group plans to add at least 50 lakh sq ft of retail space within the next 5 years. While announcing these outlays, the group also announced opening up of its first retail outlet at DN Nagar, Andheri West, Mumbai with 2500 sq ft area. This will soon be followed with retail outlets at Bhandup, Goregaon, Jogeswari, Sion and Worli in Mumbai and gradually move to other cities and states like Ahmedabad, Goa, Uttar Pradesh and Bihar.

The 2500 square feet DP Retail store in Andheri has an optimal mix of local, regional, national, and private label quality brands at competitive and concessional rates with loyalty and promotional schemes, according to the statement. The group plans on having a Pan-India presence of 50 lakh square feet of DP Retail in next 5 years.

Speaking about the expansion plans, Dr 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, is spread over 2500 square feet. Other five stores in the city would be spread over 500-600 square feet each. Overall, we are aiming at 50 lakh square foot space across the country in the next 5 years."

DP Retail’s financial plans include the investment of INR 1000 crore in FY21 to expand in Tier 1, Tier 2 & Tier 3 cities. It has also allocated INR 100 crore towards market penetration across the omnichannel retail business, including an innovative franchise model.

The company plans on achieving PAN India presence with different categories, including food, health, wellness except fashion items. The catalog will also have traditional Indian products. A prominent aspect of the expansion is to introduce innovative techniques and functionality in every area, including pricing, marketing, procurement, sourcing, and merchandising, says the company.

The procurement policy would empower and encourage the local business people from manufacturers, cultivators to traders, and skillman in order to increase the sphere of opportunities and influence. The idea is to provide the best price possible to the people at the root 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. We will be setting up our manufacturing unit with over 1 million/ month production, processing, and packaging capacity that would strengthen DP Retail's supply chain. DPGC's history of winning over customers by heavy discounts during the initial stage is likely to work in its favour," the Group CEO said