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Sconto Retail - the new Retail venture will hit the Indian market soon
“Sconto”, a new Retail venture is going to hit the Indian market very soon. Packed with brilliant and innovative ideas Sconto will surely add value to the Indian retail by providing a brand new shopping experience to the customers.
Jai Banerjee, the brain behind said “Sconto will deal into several consumer goods with a logical product mix of branded and high quality private labels. The e-commerce version of the venture is also on cards.” Jai also added “Sconto aims to open 10 stores by the end of 2014. It wishes to touch a market cap of Rs. 1,000 Cr by 2017.” We had a talk with Mr. Rahul Sahay, Sr. Vice President of Exhilway India and Mr. Ashok Ostwal, Partner, Crescenthum Business Partners, in this regard.
Sconto will initiate its business operations primarily from eastern and north eastern parts of the country.The first store will be opened in the month of December, 2013 and will target young shoppers of India.
The domestic retail market is poised to touch $1.3 trillion by 2020 and the industry has the responsibility to provide quality goods and services at affordable prices. The Indian FMCG industry is growing at 11% annually. The current retail market size is $500 Bn.
Last week, the government relaxed FDI norms in multi-brand retail. It diluted mandatory 30% local sourcing norms for multi-brand retailers.