Future Group, one of India's largest retailers, is scouting for land in Kolkata and the rest of eastern India to set up its various retail formats available in India. The aim is to treble its retail footprint from the existing 6 lakh sq ft to 36 lakh sq ft in eastern India within a year.
For one, the group aims to set up its first 'Brand Factory' in eastern India in this financial year.
"We are scouting for land in the outskirts of Kolkata as brand factory would offer several brands at factory prices. It should therefore be set up at a location where real estate prices are lower," said Sandeep Marwah, head – east zone, Pantaloons Retail, Future Group's flagship enterprise.
The group also plans to set up its first Home Town, the home furniture and furnishings brand, in Kolkata by end of this year.
The company plans to open its biggest Home Town so far, and its second, in Kolkata's Rajarhat, spanning across 2,50,000 sq ft, by the end of this year.
It recently inaugurated its first Home Town store in Noida, that spans across 1,25,000 sq ft, with plans to open eight more in the country in the next 12-18 months.
"We are looking for space in Eastern metropolitan Bypass, Rajarhat, Howrah, Behala, among other locations to set up more Home Town stores," said Kush Medhora, operations head, Home Solutions Retail India Limited, the company spearheading the Home Town format.
Home Town, on an average, require an investment of Rs 20 crore per store, and is expected to generate close to Rs 200 crore of revenues in its first year of operations.
The group also plans to set up 10 more Big Bazaars in Kolkata by June 2008, from 2 right now. It is also scouting for land in Siliguri, Asansol, Kharagpur, Darjeeling in West Bengal for more Big Bazaar stores. "We spend close to Rs 1500 to Rs 2,000 per sq ft for lifestyle stores, and Rs 1000 to Rs 1400 per sq ft for value stores," Marwah added.
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